Irrevocable Trust
An Irrevocable Trust ensures that your wishes are carried out during your lifetime and after to protect those you care most about.
Haverford has more than 30 years of experience in trust administration. We work with you, your attorney and advisors to develop a trust document that meets your unique tax and estate planning needs. If you name us as your trustee, we can administer the trust and ensure that its terms are carried out as you would wish.
Trust Benefits
Irrevocable Trusts meet a wide range of individual and family needs, including:
Pros and Cons
An Irrevocable Trust avoids estate taxes so long as the grantor has no retained interest in the trust, but it may incur gift taxes under some circumstances. Balancing these benefits, an Irrevocable Trust puts the assets beyond your use and eliminates any possibility for you to change your mind at a later date. It therefore requires careful thought and skillful planning.
Common Types of Trusts and Their Uses
The Living Trust |
Charitable Remainder Trust |
Irrevocable Trust |
Special Needs Trust |
Wills/Estate Settlement |
|
| Ensures Investors’ Wishes | Primary | Primary | Benefit | Benefit | Primary |
| Protects Minor Children | Option | No | Option | Option | Option |
| Provides for Those with Special Needs | Option | No | Option | Primary | Option |
| Ensures Smooth Transition of Wealth | Primary | Benefit | Benefit | Option | Primary |
| Benefits Charities | Option | Primary | Option | No | Option |
| Tax Advantages | No | Primary | Option | No | Primary |
| Irrevocable | No | Yes | Yes | Yes | Yes |
