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 Kentucky, 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 characteristic of an irrevocable trust is the permanent transfer of ownership of assets from the grantor to the trust, which benefits the beneficiaries. This transfer of ownership can provide significant tax advantages, as the assets are no longer considered part of the grantor's taxable estate. Kentucky law will generally respect the terms of the trust as written, so if the trust is intended to be irrevocable, it will be treated as such unless the trust document provides a method for amendment or termination. It's important to consult with an attorney to understand the specific implications of creating an irrevocable trust in Kentucky, including the potential tax benefits and the legal requirements for establishing and maintaining such a trust.