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 Virginia, an irrevocable trust is a type of trust that, once established, cannot be altered, modified, or revoked by the grantor without the consent of the beneficiaries. The creation of an irrevocable trust involves a permanent transfer of ownership of assets from the grantor to the trust, which is managed by a trustee for the benefit of the trust's beneficiaries. This type of trust is often used for estate planning purposes, as it can provide significant tax advantages. For example, 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. Virginia law will govern the interpretation and administration of an irrevocable trust unless the trust document specifies another state's law to apply. It is important to consult with an attorney to understand the specific implications of creating an irrevocable trust in Virginia, as well as to ensure compliance with all relevant state statutes and federal laws.