What are the differences between an Irrevocable and a Revocable Trust?
A. An ‘Irrevocable Trust’ is a ‘Trust’ that once established cannot be ‘dissolved’ until the terms of the ‘Trust’ are satisfied. In the case of an ‘Irrevocable Funeral Trust’ the person named as the creator [or grantor] of the ‘Trust’ must pass away before the terms and the assets of the ‘Trust’ can be put into motion because the wording in this ‘Trust’ states that the assets can not be paid out UNTIL the creator passes away. It is very important that you realize that an “Irrevocable Funeral Trust’ cannot be dissolved for any reason whatsoever. What these means is that NO PERSON or ENTITY, not even the person in whose name the ‘Trust’ was created, can gain a whole lot more.
