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 Maine, an irrevocable trust is a type of trust that, once established, cannot be altered, changed, 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. This transfer is considered permanent and results in the grantor relinquishing control over the assets placed in the trust. Irrevocable trusts are favored for their potential tax advantages, as the assets in the trust are generally not considered part of the grantor's taxable estate, which can lead to estate tax savings. In Maine, as in other states, the terms of the trust are dictated by the trust agreement, and unless the trust document specifically allows for amendments or termination, the trust is considered irrevocable by default. It's important to consult with an attorney to understand the specific implications and requirements of setting up an irrevocable trust in Maine, as well as to ensure compliance with both state statutes and federal law.