What are the advantages and disadvantages of using an irrevocable trust instead of a will?
What are the advantages and disadvantages of using an irrevocable trust instead of a will? Assistant at Law Assistant at Parklin Law An irrevocable trust is one that can't be undone; the trust's creator relinquishes all control over it, and it becomes its own entity. The person who set up the trust—called the grantor or settlor—is typically still in control of the trust while they are alive, but once they die, the beneficiaries of the trust can't change its terms or alter how it's managed. The grantor could extend this to include things like being unable to modify the terms of the trust if there was a change in circumstances for any of its beneficiaries. If a beneficiary tried to do this, it would require a court proceeding and would likely be met with resistance from other beneficiaries and from the trustee of the trust, who oversees its day-to-day operations. So why would someone use an irrevocable trust? There are some advantages to doing so: Irrevocable trusts aren...