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An irrevocable trust is a type of trust that cannot be changed after the agreement has been signed. A common use for an irrevocable trust is to provide asset protection for the trustor and the trustor's family. By placing assets into an irrevocable trust, the trustor is giving up complete control over and access to the trust assets, therefore, the trust assets cannot be reached by a creditor of the trustor. However, the trustor's family can be the beneficiaries of the irrevocable trust, thereby still providing the family with financial support, but outside of the reach of creditors.
"Irrevocable Trust Agreement"