An irrevocable trust is a trust that you cannot change. You put property or money into a trust along with specific instructions on what to do with the property and when to do it. Property that you put into an irrevocable trust no longer belongs to you or is controlled by you. It is controlled by the person named as trustee until it is dispersed to beneficiaries.
Irrevocable trust benefits
An irrevocable trust offers a number of protections under law.
- The property placed in trust does not go through probate and is not subject to estate taxes.
- The property is protected from creditors as it technically does not belong to you any more.
- There are tax advantages to be had if planned correctly.
Irrevocable trust uses
You can use a trust as a way to pass portions of your estate along to your heirs. The proceeds can be distributed at your death, or you can specify that minor children not receive their distributions until reaching a certain age.
If you’re planning a donation to a charity as part of your estate planning, an irrevocable trust has certain tax advantages.
Need help to understand trusts? Your initial consultation is free
Arizona Trusts and Estates Attorney Brian Utsey is available to help you start or modify an irrevocable trust. He can help you decide which options are right for you.
Call Arizona Trusts and Estates Attorney Brian Utsey. He’ll come to you to begin the process of creating or modifying your estate plan. Call today at 480-538-5024 to set up a free one-hour consultation.