An irrevocable trust is just that: irrevocable. The person who creates the trust – the grantor – can’t make any changes once it’s finalized.

Once you transfer ownership into the trust, or fund it, only a beneficiary can make and approve potential changes. You don’t have control over those assets anymore.

Any changes also require the signatures of its beneficiaries.

Revocable trusts may be more common and allow the grantor to retain all rights, make changes or even terminate the trust.

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1. Irrevocable Life Insurance Trust

An irrevocable life insurance trust is a trust designated as the beneficiary of your life insurance policy.

When you pass, potential proceeds are paid into the trust before a trustee manages them for your beneficiaries. An irrevocable life insurance trust may be worth considering if you want to avoid estate taxes on potentially large life insurance payouts.

2. Irrevocable Marital Trust

A bypass trust, or marital trust, transfers assets from one spouse to another at the time of the first spouse’s death. The surviving spouse has a trustee managing those assets, which keeps them outside of the estate.

The surviving spouse can receive income from the trust as well as the principal if the grantor gives either the trustee or the surviving spouse the power to do so. When the surviving spouse dies, the potential remaining assets may go to beneficiaries, free of the estate tax.

3. Irrevocable Charitable Trust

There are also two irrevocable charitable trust options: a charitable lead trust and a charitable remainder trust. The first may allow you to yield certain assets to charitable organizations, with the rest of your assets going to your beneficiaries.

A charitable remainder trust may allow you to receive income from your assets for a set period. Any remaining assets or income go to a charity of your choice.

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Simply put, an irrevocable trust can be a way to potentially save money on your tax bill.

Since you’re rescinding ownership of certain assets – as they’re now in the trust – you’re no longer liable for estate tax.

An irrevocable trust may also limit your estate’s vulnerability to creditors. If you die in debt, and your assets are not in a trust, they may potentially be sold to pay off what you owe. Revocable trusts do not offer that type of protection since they’re still in the owner’s name.

If you want to pass along your estate to your heirs, an irrevocable trust may help.

Considering an irrevocable trust? This free quiz can match you with up to three fiduciary financial advisors who serve your area and may be able to answer your questions.

There are several options when it comes to securing your legacy through trusts and estate planning. Your final wishes and what you plan to leave behind is up to you, but could have potential financial consequences for your heirs.

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