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Irrevocable Trusts

Understanding Irrevocable Trusts

An irrevocable trust is a legal arrangement where assets are held by a trustee for the benefit of the trust’s beneficiaries. Once established, the terms of an irrevocable trust generally cannot be changed unless all beneficiaries agree. This type of trust offers various benefits and considerations that individuals should be aware of.

Key Features of Irrevocable Trusts

Irrevocable trusts have several key features, including:

  • Assets transferred to the trust are no longer owned by the grantor.
  • They offer asset protection from creditors and lawsuits.
  • They can help minimise estate taxes and probate costs.
  • They provide a level of control over how and when assets are distributed to beneficiaries.

FAQs About Irrevocable Trusts


The main difference is that with a revocable trust, the grantor can make changes or revoke the trust
at any time, while an irrevocable trust cannot be changed or revoked once established.


Irrevocable trusts can help reduce estate taxes, protect assets from creditors, and specify how and
when assets are distributed to beneficiaries, providing a solid foundation for estate planning.


Some potential downsides include the loss of control over the assets placed in the trust, the
irrevocability of the trust’s terms, and potential complexities in administering the trust.

Seek Legal Guidance from Wright Street Lawyers

If you are considering setting up an irrevocable trust or have questions about estate planning and asset protection, contact Wright Street Lawyers in Adelaide, South Australia. Our experienced legal team specialises in family law, estate planning, probate, and criminal defense, and we can provide you with tailored advice and representation to meet your needs.

Don’t hesitate to reach out to us for a consultation and let us help you navigate the complexities of irrevocable trusts and other legal matters.