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 North Carolina, an irrevocable trust is a type of trust that, once established, typically cannot be changed, modified, or terminated by the person who created it, known as the grantor, settlor, or trustor. The terms of the trust are set forth in the trust agreement, and once assets are transferred into an irrevocable trust, the grantor relinquishes control and ownership of those assets to the trust and its beneficiaries. Irrevocable trusts are often used for estate planning purposes because they can provide certain tax advantages. For example, assets placed in an irrevocable trust may not be subject to estate taxes upon the grantor's death, as they are no longer considered part of the grantor's estate. In North Carolina, as in other states, the specifics of how an irrevocable trust operates and the tax implications can be complex, and they are governed by both state statutes and federal law. It is advisable for individuals considering setting up an irrevocable trust to consult with an attorney who specializes in estate planning to ensure that the trust is structured properly to meet their goals and to comply with applicable laws.