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 South 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, without the consent of the trust's beneficiaries. The creation of an irrevocable trust involves a permanent transfer of ownership of assets to the trust, which is managed for the benefit of the beneficiaries according to the terms set out in the trust agreement. The irrevocability of the trust is what allows for certain tax advantages, as the assets are no longer considered part of the grantor's taxable estate. South Carolina trust law follows the general principles of trust law, which presume that a trust is irrevocable unless the trust agreement explicitly states otherwise. It is important for individuals considering setting up an irrevocable trust in South Carolina to consult with an attorney to ensure that the trust is properly established to meet their estate planning goals and to understand the tax implications and legal requirements involved.