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 Hawaii, an irrevocable trust is a type of trust that, once established, cannot be altered, 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 primary advantage of an irrevocable trust is the potential for tax benefits, as the assets in the trust are no longer considered part of the grantor's taxable estate. This can lead to reduced estate taxes upon the grantor's death. In Hawaii, as in other states, the terms of the trust determine its revocability; unless the trust document explicitly states that the trust is revocable, it is generally presumed to be irrevocable. It's important to consult with an attorney to understand the specific implications and requirements of setting up an irrevocable trust in Hawaii, as state statutes and federal laws can influence the trust's structure and tax consequences.