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 Ohio, 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 assets placed into the trust are permanently transferred out of the grantor's possession and control, and the trust itself becomes a separate legal entity. This transfer of ownership can provide certain tax advantages, as the assets are no longer considered part of the grantor's taxable estate. Ohio law, as with other states, typically presumes a trust to be irrevocable unless the trust document explicitly states otherwise. The specifics of creating and managing an irrevocable trust in Ohio are governed by the Ohio Trust Code, which outlines the duties of trustees, the rights of beneficiaries, and other relevant legal considerations for trusts within the state.