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What is an example of irrevocable trust?

Types of Irrevocable Trusts Some living trust examples are: Irrevocable life insurance trust. Grantor-retained annuity trust (GRAT), spousal lifetime access trust (SLAT), and qualified personal residence trust (QPRT) (all types of lifetime gifting trusts)

What is the meaning for irrevocable?

/ɪˈrev.ə.kə.bəl/ impossible to change: an irrevocable decision. SMART Vocabulary: related words and phrases. Not able to be changed.

What irrevocable means in law?

Once a contract is formedby an offer, acceptance, and considerationit is essentially irrevocable. The term irrevocable does not mean that a party cannot refuse to perform its obligations under the agreement, but rather that it can be held financially liable in a court of law for such refusal.

What is the meaning of irrevocably ? *?

impossible to change: an irrevocable decision. Not able to be changed.

What is the legal definition of irrevocable?

Irrevocable means incapable of being recalled or revoked : past recall : UNALTERABLE, Websters Third New International Dictionary 1196 (unabridged ed.

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