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 Georgia, an irrevocable trust is a legal arrangement in which the grantor (the person who creates the trust) transfers their ownership rights of the assets to the trust, relinquishing control over them. Once established, the trust generally cannot be changed, modified, or terminated by the grantor without the consent of the beneficiaries. The main advantage of an irrevocable trust in Georgia, as in other states, is the potential for tax benefits. Since the assets are no longer considered part of the grantor's estate, they may not be subject to estate taxes upon the grantor's death, and they may also provide income tax benefits during the grantor's lifetime. Georgia law presumes trusts to be revocable unless the trust instrument explicitly states they are irrevocable. The specific provisions governing irrevocable trusts in Georgia are found in the Georgia Trust Code, which is Title 53 of the Georgia Code. It's important for individuals to consult with an attorney to understand the implications of creating an irrevocable trust and to ensure it is structured in accordance with Georgia law and their estate planning goals.