Irrevocable Living Trusts Law and Legal Definition
Irrevocable living trusts are created by an unconditional transfer of assets for the benefit of family members with no retention of any beneficial interest by the individual who establishes the trust. In other words, it is a trust created during the lifetime of the maker that does not allow the maker to change or revoke it. These types of trust are just opposite to the revocable trust. The major advantage of these types of trust is that, the assets held in the trust will not be included in the grantor's estate for estate tax purposes.Irrevocable living trust is the primary trust where estate tax minimization is concerned. An estate plan may include the creation of one or more irrevocable living trusts.