Irrevocable Trust
A trust that cannot be modified or terminated without the permission of the beneficiary.
Detailed Explanation
An Irrevocable Trust is a trust that cannot be changed or cancelled once it is established. The grantor gives up ownership and control of the assets placed into the trust. This type of trust is often used for tax planning (reducing estate taxes) and asset protection, as the assets are no longer considered part of the grantor's estate.