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 Florida, 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 main characteristic of an irrevocable trust is the transfer of ownership of assets from the grantor to the trust, which is managed for the benefit of the beneficiaries according to the terms set out in the trust agreement. This transfer is considered permanent, and it effectively removes the assets from the grantor's taxable estate, potentially resulting in significant tax advantages. Florida statutes and federal law govern the creation and administration of irrevocable trusts, and these laws dictate how and when such trusts can be altered, if at all. It is important to note that while the default assumption is that a trust is irrevocable unless stated otherwise, the specific terms of the trust agreement and applicable state laws will ultimately determine the level of flexibility afforded to the grantor regarding amendments or revocation.