What is a key characteristic of an irrevocable trust?

A key characteristic of an irrevocable trust is that its terms cannot be changed once it has been established. This means that once the grantor transfers assets into the irrevocable trust, they relinquish control over those assets and cannot make modifications to the trust's provisions or structure. This permanence provides certain benefits, such as potential tax advantages and asset protection, but it also means that the grantor cannot access or alter the trust once it is funded.

The nature of irrevocable trusts serves specific purposes, including providing for beneficiaries in a manner that must be adhered to as laid out at creation. This characteristic is essential for various estate planning strategies, especially those aimed at avoiding probate or managing estate taxes.

In contrast, options that suggest the trust could be altered or dissolved, or that it only takes effect after death, do not align with the fundamental principle of an irrevocable trust, which emphasizes its unchangeable and lasting nature once established.