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, meaning they cannot modify the trust's terms or reclaim 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 can also ensure that the assets are distributed according to the grantor's wishes after their death, providing financial security for beneficiaries.