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:

  • Providing for disabled children or grandchildren

  • Shielding family assets from divorce proceedings

  • Protecting family members afflicted with health or substance abuse problems

  • Keeping assets within the family

  • Protecting family assets from Spendthrifts

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