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 New Jersey, an irrevocable trust is a type of trust that, once established, cannot be altered, amended, or revoked by the grantor, also known as the settlor or trustor. The grantor effectively relinquishes all control and ownership of the assets placed into the trust, which are then managed by a trustee for the benefit of the trust's beneficiaries. The main advantage of an irrevocable trust in New Jersey 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 be protected from creditors. New Jersey statutes and federal laws govern the creation and administration of irrevocable trusts, and these laws dictate that a trust is presumed to be irrevocable unless the trust agreement explicitly states otherwise. It is important for individuals considering an irrevocable trust to consult with an attorney to understand the specific implications and to ensure that the trust is structured in accordance with New Jersey law and their estate planning goals.