Blog ImageIn Illinois, an irrevocable trust is a legal arrangement that provides individuals in Illinois with a powerful tool for estate planning. If you are looking to create an estate plan or add this type of trust as part of your estate plan, experienced lawyers are ready to make your goals a reality. By sitting down with an attorney, you will explore the key aspects of irrevocable trusts, their benefits, and how they differ from revocable trusts.

What is an Irrevocable Trust?

Irrevocable trusts are a legal entity created by an individual, referred to as the grantor, to hold and manage assets for the benefit of designated beneficiaries. Once established, the terms of an irrevocable trust cannot be modified or revoked without the consent of all beneficiaries. By relinquishing control over the assets, the grantor can protect them from creditors, estate taxes, and potential legal disputes. This type of trust is often used to transfer wealth, provide for loved ones with special needs, or support charitable causes.