irrevocable trust Definition - [ Traducir esta página ]irrevocable trust - definition of irrevocable trust - A trust which cannot be changed or canceled once it is set up without the consent of the beneficiary. ...
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Irrevocable trusts
An irrevocable trust is often used for charitable purposes by organizations or millionaires ("high net worth individuals") as well as for the management of inheritances. As the benefactor relinquishes control of the assets upon creating the trust, any charitable activities incur tax benefits even while the assets are invested to provide a financial endowment for later use by the charitable foundation. This approach has been successfully used by foundations established by well-known and wealthy families such as the Ford (automobile), Carnegie (steel) and Arthur Vining Davis (aluminium) families.

A trust may also be an integral part of an institution founded by such an individual or group, created to ensure its long-term financial viability.