An irrevocable trust cannot be modified or terminated without permission from the beneficiary. According to the Free Dictionary, transferring assets into an irrevocable trust effectively removes all of a person's rights ... More »

An irrevocable living trust is a trust set up during the lifetime of the grantor that cannot be changed once it is set up, reports Nolo. Irrevocable living trusts are commonly set up to reduce or eliminate taxes or prote... More » Business & Finance Financial Planning

An irrevocable Medicaid trust, also known as a Medicaid qualifying trust, is a trust set up by someone trying to diminish their assets to qualify for Medicaid benefits, according to Nolo. Since 2005, stringent Medicaid l... More »

The responsibilities of a trustee to a beneficiary include complying with the instructions in the trust document; keeping the trust assets separate from the trustee's personal assets and maintaining separate records; and... More »

A spendthrift trust is a legal instrument that holds property for a beneficiary but contains clauses preventing that beneficiary from actually exercising control over the trust property, explains BNY Mellon. The benefici... More »

A beneficiary of a trust can also serve as the trustee or executor. However, the setup allows for a potential conflict of interest, as the trustee is responsible for acting in an equal and unemotional manner towards each... More »

The special needs trust form includes names and addresses of the grantor and trustee, the trust property, and name of the beneficiary, states US Legal. The form also establishes the powers of the trustee. More » Business & Finance Financial Planning