Irrevocable Living Trust

What Does Irrevocable Living Trust Mean?

An irrevocable living trust is a trust established during the grantor’s lifetime that cannot be revoked. This means that, once the trust is finalized, it cannot be altered or canceled.

Creators of irrevocable living trusts often include life insurance policies within them.

Insuranceopedia Explains Irrevocable Living Trust

Many people establish irrevocable living trusts to reduce estate tax liabilities upon a person’s death and the subsequent transfer of their estate. These trusts enable them to achieve financial savings when assets are passed to beneficiaries. Including life insurance policies in irrevocable living trusts, therefore, helps preserve wealth and allows for a secure and efficient transfer of assets.