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 Alaska, an irrevocable trust is a type of trust where the grantor relinquishes control over the assets and cannot amend, modify, or terminate the trust once it has been established, except under certain conditions and with the consent of the beneficiaries. The creation of an irrevocable trust involves a permanent transfer of ownership of the assets to the trust, which is managed by a trustee for the benefit of the designated beneficiaries. This type of trust is often used for estate planning purposes, as it can provide significant tax advantages. For instance, assets placed in an irrevocable trust are generally not considered part of the grantor's taxable estate, which can reduce estate taxes upon the grantor's death. Additionally, the trust assets may be protected from creditors and may not be subject to probate. Alaska state statutes and federal law govern the creation and administration of irrevocable trusts, and these laws must be carefully considered when establishing such a trust.