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What is an Irrevocable Trust? Irrevocable trusts are living trusts that are created during the grantor’s (or settlor’s) lifetime and which cannot be changed or revoked like a revocable trust. They are essentially contracts with yourself. A trustee is appointed to manage the assets on behalf of the beneficiaries. While grantors often appoint themselves as the initial trustee in revocable trusts, they lose many of the benefits of an irrevocable trust if the trust is “self-settled”. Thus, a third-party trustee should be appointed. The purpose of an irrevocable trust is to move the assets from the grantor’s control to that of the beneficiary(ies). Once those assets are in an irrevocable trust, they no longer belong to the grantor but rather to the trust. This reduces the value of the grantor’s estate in regard to estate taxes and protects the assets from creditors. Irrevocable trusts cannot be modified, amended, or terminated without the permission of the named beneficiary(ies) or by order of a court. The grantor legally removes all of their rights of ownership and control to the assets and the trust. Per La. R.S. 9:2041, living trusts are considered irrevocable unless expressly designated as revocable in the trust document.