What is an irrevocable trust?
An irrevocable trust is a secure way to safeguard your assets both during your lifetime and as a lasting legacy for your loved ones. It's unchangeable once established, so an irrevocable trust is incredibly secure. But, because it's unchangeable once established, you need to proceed with caution before creating one. Life and needs change over time, and once an asset is added to an irrevocable trust, it can be a difficult process to remove it.