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 Tennessee, an irrevocable trust is a type of trust that, once established, cannot be altered, amended, 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. This type of trust is often used for estate planning purposes because it can provide significant tax advantages. For instance, assets placed in an irrevocable trust are generally not considered part of the grantor's taxable estate, which can reduce estate taxes upon the grantor's death. Additionally, the assets may be protected from creditors under certain circumstances. Tennessee 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 considering an irrevocable trust to consult with an attorney to understand the specific legal requirements and implications under Tennessee law.