An irrevocable trust is a type of trust that cannot be changed 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, which can provide benefits such as asset protection and potential tax advantages. Because the grantor cannot modify the trust, it is often used for specific purposes, like estate planning or charitable giving. Assets in an irrevocable trust are generally not considered part of the grantor's estate, which can help reduce estate taxes and protect assets from creditors.