An irrevocable trust is a legal arrangement where you transfer ownership of your assets into a trust that generally cannot be changed or taken back once it is set up. It’s designed to be permanent. That permanence is actually what makes it powerful. If you are considering an irrevocable trust as part of your estate plan in 2026, the Waukegan, IL estate planning lawyers at Newland & Newland, LLP can help you understand whether it is the right tool for your situation.
How Is an Irrevocable Trust Different From a Revocable Trust?
The key difference between an irrevocable trust and a revocable trust is control. With a revocable trust, you can change the terms, add or remove assets, or cancel it entirely. With an irrevocable trust, you give up that control once it is set up. That loss of control is the trade-off for the significant asset protection and tax benefits an irrevocable trust provides.