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Finance Dictionary and Glossary of Investment Terms
irrevocable trust
Definition 1.
A trust which cannot be changed or canceled once it is set up without the consent of the beneficiary. contributions cannot be taken out of the trust by the grantor. Irrevocable trusts offer tax advantages that revocable trusts don't, for example by enabling a person to give money and assets away even before he/she dies. opposite of revocable trust.
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Definition 2.
A trust that, once its setup, cannot be changed at all.
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