An irrevocable trust is a trust that cannot be amended, modified, or terminated by the grantor, settlor, or trustor (person who created the trust) after it is created—at least not without the permission of the beneficiary or beneficiaries.

Irrevocable trusts generally offer tax benefits that revocable trusts do not. This is primarily because the grantor, settlor, or trustor who creates an irrevocable trust permanently transfers (gifts) all right of ownership of the assets to the trust and its beneficiaries.

Laws vary from state to state but a trust is usually irrevocable unless the grantor, settlor, or trustor specifies otherwise in the trust agreement.

In Colorado, an irrevocable trust is a type of trust that, once established, cannot be altered, amended, or terminated by the grantor without the consent of the beneficiaries. The assets placed into the trust are permanently transferred to the trust and are no longer considered the property of the grantor. This transfer of ownership can provide certain tax advantages, as the assets may no longer be part of the grantor's taxable estate. Colorado trust law is governed by the Colorado Trust Code, which is found in Title 15, Article 5 of the Colorado Revised Statutes. The Code outlines the requirements for creating a valid trust, the duties and powers of trustees, and the rights of beneficiaries. It is important to note that while irrevocable trusts are generally not modifiable, there are certain circumstances under which modification or termination is possible, such as with the agreement of all beneficiaries or by court order if certain conditions are met. An attorney with expertise in estate planning can provide specific guidance on the creation and management of an irrevocable trust in Colorado.