irrevocable trust
Definition
Type of trust that cannot be annulled, changed, or terminated by its creator (trustor) without the agreement of the trust's beneficiary or beneficiaries. Commonly, all trusts, once created, are irrevocable in the sense that the trustor loses all control of the property placed in the care of the trustees for the benefit of the beneficiaries. However, the US law allows for trusts where the trustor can expressly provide for the return of trust property under certain conditions.
Mentioned in these definitions
Popular 'Corporate, Commercial, & General Law' Terms
irrevocable trust in the news
Loading...
This content can be found on the following page:
http://www.businessdictionary.com/definition/irrevocable-trust.html
