An irrevocable trust is a type of trust that cannot be modified or terminated by the person who created it, known as the grantor. Once assets are placed into this trust, the grantor relinquishes control over them, meaning they cannot change the terms or withdraw the assets. This feature provides certain benefits, such as potential tax advantages and protection from creditors. Because the grantor loses ownership of the assets, an irrevocable trust can help in estate planning by reducing the taxable estate. It is often used to provide for beneficiaries, such as family members or charities, while ensuring that the assets are managed according to the grantor's wishes.