What Is the Main Downside to an Irrevocable Trust?
The primary downside to an irrevocable trust is that no changes can be made once the trust is finalized. Whatever is put into the trust is no longer yours and this could have severe implications down the road. For example, if you put a house or a significant amount of cash in the trust with the intent that it will be given to your heir, and then you unexpectedly need those assets in the future, there is nothing you can do about obtaining them. However, in some cases, an irrevocable trust can be dissolved by the courts depending on the situation.