What is an irrevocable trust?
An example of an AI chatbot conversation about irrevocable trusts and their implications.
What is an irrevocable trust?
An irrevocable trust is a type of trust that cannot be modified or terminated without the permission of the beneficiary.
What are the benefits of setting up an irrevocable trust?
Some benefits include asset protection, tax advantages, and ensuring that your assets are distributed according to your wishes.
Can I change the beneficiaries of an irrevocable trust?
No, once an irrevocable trust is established, you cannot change the beneficiaries without their consent.
What happens to the assets in an irrevocable trust after I pass away?
The assets will be distributed to the beneficiaries as specified in the trust document, bypassing probate.
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