When a trust cannot be changed after you've established it, the trust is irrevocable This is an essential characteristic in having the assets you give to the trust removed from your estate
Something that cannot be legally undone, altered, amended, revoked, or terminated
An instrument that, once established, cannot be modified or cancelled without the agreement of all parties concerned
This most common instrument of credit in international trade, carries an irrevocable obligation of the issuing bank to pay the beneficiary when drafts and documents are presented in accordance with the terms of the Letter of Credit An irrevocable Letter of Credit, once issued, cannot be amended or cancelled without the agreement of all named parties It must have a fixed expiry date
An arrangement that cannot be broken except under very limited and unusual circumstances
A Trust a Grantor establishes that cannot be changed by the grantor once it has been executed An irrevocable trust may, however, still be changed by an independent party or court depending on the terms of the trust
If a decision, action, or change is irrevocable, it cannot be changed or reversed. He said the decision was irrevocable. + irrevocably ir·revo·cably My relationships with friends have been irrevocably altered by my illness. an irrevocable decision, action etc cannot be changed or stopped (irrevocabilis, from revocare; REVOKE)