Glossary of Personal Injury Law Terms

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Irrevocable Trust: A trust that is not amendable or revocable by the grantor. Normally created during a grantor's lifetime.

Inheritance tax: A tax levied by the county of residence of a person who inherits something from a will. The rate of taxation applied will vary on the size of the inheritance and the relationship between the person who inherits and the deceased. Ohio currently does not have an estate tax.

Intangible property: Property that is not real or personal property. Intangible property represents only real value (i.e. bank accounts or promissory notes).

Irrevocable trust: A trust that cannot be changed after it has been established.