An irrevocable trust cannot be altered, amended or revised until the terms or purposes of the trust have been completed. It is important to understand that irrevocable trusts are iron-clad once initiated. However, you can control who benefits from the trust, when they benefit, and what the benefit will be.
Irrevocable trusts are generally used to accomplish one or more very specific estate planning goals. For example, an irrevocable life insurance trust can be used to hold enough life insurance to expand the estate to cover any potential future estate settlement expenses and to create a guaranteed inheritance. Additionally, an irrevocable trust can be set up to provide for your disabled child or to control what your adult children can do with the assets that you are leaving to them. Let our estate planning attorneys draw up and review any trust agreement to identify clauses that expose you and propose additional language to protect you. |
