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 Indiana, as in other states, an irrevocable trust is a type of trust that cannot be changed, modified, or dissolved by the person who created it, known as the grantor, settlor, or trustor, once it has been established, unless the beneficiaries give their consent. The main advantage of an irrevocable trust over a revocable trust is the potential for tax benefits. This is because the assets placed into the trust are permanently transferred out of the grantor's ownership and into the control of the trust for the benefit of its beneficiaries, effectively removing the assets from the grantor's taxable estate. Indiana state statutes and federal law will govern the specifics of how irrevocable trusts are managed, taxed, and enforced. It is important to note that while the default assumption is that a trust is irrevocable unless stated otherwise, the terms of the trust agreement are crucial in determining the nature and operations of the trust. An attorney specializing in estate planning or trust law can provide detailed guidance on the creation and administration of an irrevocable trust in Indiana.