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 Michigan, an irrevocable trust is a type of trust that, once established, cannot be altered, amended, or terminated by the grantor without the consent of the beneficiaries. The primary characteristic of an irrevocable trust is that the grantor relinquishes control and ownership of the assets placed into the trust, which can lead to potential tax advantages. For instance, assets in an irrevocable trust may not be subject to estate taxes upon the grantor's death, as they are no longer considered part of the grantor's estate. Michigan law, like the law in many states, presumes that a trust is revocable unless the trust instrument explicitly states it is irrevocable. The specifics of creating and managing an irrevocable trust in Michigan are governed by the Michigan Trust Code, which is found in the Estates and Protected Individuals Code (EPIC), MCL 700.7101 et seq. It is important for individuals considering setting up an irrevocable trust in Michigan to consult with an attorney to ensure that the trust is properly established and meets their estate planning goals.