What Is An Irrevocable Trust In PA?

An irrevocable trust refers to a specific type of trust that once created cannot be changed or terminated, except in very limited circumstances. This type of trust varies from a revocable trust, which can be changed or terminated by the Grantor, the one creating the trust, and only becomes irrevocable upon the Grantor’s death. 

An irrevocable trust is viewed as its own legal entity, in which a Grantor relinquishes or gives up control of the assets within the trust. All assets within an irrevocable trust are titled in the trusts name, being owned and governed by the trust, which further outlines how the assets and income are to be distributed both now and in the future. While irrevocable trusts can be quite complex, spanning over several generations, they can have several benefits such as minimizing inheritance tax, asset protection from creditors and can provide for long term care of a child or disabled loved one. 

Whether you are considering a revocable or irrevocable trust as a part of your estate planning, it is best to discuss your specific circumstances with an experienced estate planning attorney to ensure your wishes and desires are accomplished by the best estate plan for you. We would love to discuss your estate planning needs with you! 

If you have any questions about the topic discussed in this video, or any estate law matter, please give us a call at Bononi & Company 724-832-2499.


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