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Irrevocable trusts are one sort of trust. Unlike revocable trusts, irrevocable trusts can only be changed or terminated in certain limited circumstances. This is a significant distinguishing feature when considering revocable vs irrevocable trusts.
Irrevocable trusts are created for many reasons. They’re often used to reduce estate or income taxes, provide creditor protection, or influence beneficiaries. You can hold many kinds of assets in an irrevocable trust.
Your irrevocable trust attorney will elaborate on the pros and cons of an irrevocable trust and help you determine its fit for your needs.
Within this category of trusts, you’ll find a variety of types of irrevocable trusts. Examples of common include: