Article / Updated 03-26-2016
When it comes down where the action is as far as administration is concerned, the real meat and potatoes of trusts are the irrevocable trusts, or trusts that grantors have created to hold property where the trust instrument may not be revoked or changed. So what is an irrevocable trust?
The grantor has given up all right, title, and interest to the assets held in an irrevocable trust, and has also given up any right to terminate the trust.