You can’t amend it, modify it, change it or revoke it. The written terms of an irrevocable trust are much like the iron-clad sides of ship, strong and impenetrable, except in some rare circumstances. Not to be altered for any reason and managed by a trustee, when you place assets in an irrevocable trust, you essentially no longer own them. With all that said, for certain individuals, there are some distinct advantages to having an irrevocable trust.
Believe it or not, you have an estate. In fact, virtually everyone does. It encompasses a variety of assets—your car, home, checking and savings account, investments, and personal valuables. Despite how large or modest, everyone has something in common—you can’t take them with you when you die.