When New York residents have worked hard all of their lives to provide for their families, they want to ensure that they protect the assets that they have obtained. However, many residents who start the estate planning process still want to maintain some form of control over those assets while they are alive. One way to do this is through an irrevocable trust.
An irrevocable trust is a type of trust that is created to hold certain property for the benefit of another person. While they are similar to revocable trusts in what they do, the main difference is that once an irrevocable trust is created, the settlor cannot make changes to the terms. Revocable trusts, on the other hand, allows for a change in terms and can even be terminated if the settlor wishes.
