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 Oregon, 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 are managed by a trustee for the benefit of the trust's beneficiaries. The main advantage of an irrevocable trust is the potential for tax benefits, as the assets in the trust are no longer considered part of the grantor's taxable estate. This can help in reducing estate taxes upon the grantor's death. Additionally, assets in an irrevocable trust may be protected from creditors under certain circumstances. Oregon law, like the law in many states, presumes that a trust is revocable unless the trust instrument explicitly states it is irrevocable. It's important for individuals to consult with an attorney to understand the specific implications of creating an irrevocable trust, including the tax consequences and the impact on estate planning.