What is an irrevocable trust?

A trust is a fiduciary relationship in which one party (the Grantor) gives a second party (the Trustee) the right to hold title to property or assets for the benefit of a third party (the beneficiary).

An irrevocable trust is a type of legal arrangement that cannot be terminated.  The grantor may not change beneficiaries, modify any of the terms of the trust, or revoke it.  Once the ownership of an asset is transferred to the trust, the grantor may not remove it from the trust.