"The word 'irrevocable' doesn't always resonate until they suddenly want the money," she said.
Access to Funds
Individuals who feel hesitant to give such a large sum away permanently can choose to structure a dynasty trust as an asset- protection trust, in which case they can name themselves as beneficiaries in order to take withdrawals under certain circumstances at the trustee's discretion, said Northern Trust's Lindley.
"If it turns out they're in dire need of financial resources they can turn to us and request a distribution," Lindley said. If they never need it, the trust's assets will pass on to heirs as planned.