An irrevocable trust is a trust that the grantor creates to hold property where the trust instrument may not be revoked or changed. Under this type of trust, the grantor gives up all right, title, and interest to the assets held in the trust, and gives up any right to terminate the trust. The property may be held by the trust and used for the benefit of the named beneficiaries or other interests defined by the trust instrument. When a grantor funds an irrevocable trust and is neither a trustee nor a beneficiary of the trust, he forfeits all right to that property.
What is an irrevocable trust in South Dakota?
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