irrevocable trust definition

irrevocable trust

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.

irrevocable trust is in the Corporate, Commercial, & General Law subject.

irrevocable trust appears in the definitions of the following terms: trust, pure equity trust, life insurance trust, revisionary trust, asset protection trust (APT), pure trust and reversionary trust

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