nonrevocable

Nonrevocable is an adjective describing arrangements or designations that cannot be revoked or canceled by the person who established them, typically after they take effect or are funded. It contrasts with revocable arrangements, where the creator retains the right to alter or terminate the agreement at will. The term is commonly used in estate planning, insurance, and financial contexts.

In trust law, a nonrevocable trust is one that, once funded, generally cannot be amended or terminated by the grantor. The grantor transfers legal ownership of assets to the trust and relinquishes substantial control. Changes, if allowed, typically require consent from beneficiaries, a court, or specific provisions in the trust document. Nonrevocable trusts can offer advantages such as asset protection, potential tax planning benefits, and more predictable distributions, but they limit the grantor’s flexibility and sometimes involve complex administration.

In life insurance and related financial products, a nonrevocable or irrevocable beneficiary designation cannot be changed by the policy owner without the beneficiary’s consent. This arrangement provides certainty that proceeds will go to the named beneficiary but reduces the owner's ability to modify nominee arrangements in response to changing circumstances, such as relationships or financial needs.

Other uses include certain pension plans, annuities, and government or corporate programs where terms are fixed and cannot be altered unilaterally by the participant or applicant. Laws and contract terms govern the exact limits and processes for any permissible modification, which can vary by jurisdiction and product type.

Overall, nonrevocable denotes a commitment that limits reversal, offering certainty for beneficiaries but reducing flexibility for the creator.