what is an irrevocable trust 
an irrevocable trust requires the grantor to step aside after the trust is formed and funded with property and assets the grantor cannot act as trustee and cannot reclaim the property funded into the trust they can t change any of its terms including its named beneficiaries as the name implies the trust cannot be revoked for any reason but these restrictions come with some significant advantages particularly for the wealthy the property in the trust isn t subject to estate taxes upon the death of the grantor because the grantor has given up ownership of those assets they no longer contribute to the value of their estate these trusts also provide protection from creditors 3