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 Nevada, an irrevocable trust is a type of trust that, once established, typically cannot be changed, 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 irrevocability of the trust is what distinguishes it from a revocable trust, which can be altered by the grantor during their lifetime. Irrevocable trusts are favored for their potential tax advantages, as the assets placed in the trust are generally removed from the grantor's taxable estate, potentially reducing estate taxes and offering protection from creditors. Nevada law will have specific provisions regarding the creation, administration, and taxation of irrevocable trusts, and these laws must be adhered to for the trust to be valid and effective. It is important for individuals considering setting up an irrevocable trust in Nevada to consult with an attorney to ensure that the trust is properly established and meets their estate planning goals.