who owns the property in an irrevocable trust

[MarianaLynn]

In an irrevocable trust, the trustee holds legal ownership of the property, while the beneficiaries are the equitable owners entitled to the benefits according to the trust terms. The grantor, or original owner, relinquishes all ownership and control over the assets once they are transferred into the trust, making the trustee responsible for managing them in the beneficiaries’ best interest.