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 Arkansas, an irrevocable trust is a type of trust that, once established, cannot be altered, modified, or terminated by the grantor without the consent of the trust's beneficiaries. The creation of an irrevocable trust involves a permanent transfer of ownership of the grantor's assets to the trust, effectively removing the assets from the grantor's taxable estate. This can result in significant tax advantages, as the assets in the trust may not be subject to estate taxes upon the grantor's death, and the income generated by the trust may not be taxable to the grantor. Arkansas trust law is governed by the Arkansas Trust Code, which provides the framework for the creation and administration of trusts within the state. While the default position is that a trust is irrevocable unless stated otherwise in the trust agreement, Arkansas law also includes provisions that may allow for modification or termination of an irrevocable trust under certain circumstances, such as with the consent of the beneficiaries or by court order if the continuation of the trust is not necessary to achieve any material purpose of the trust.