An irrevocable trust is a type of legal arrangement where the person who creates it (the grantor) cannot change, modify, or cancel it without the agreement of the beneficiaries. Once the grantor sets up the trust, they give up all control and ownership of the assets placed in the trust. This means they no longer have the right to change their mind and take back the assets. The trust becomes a separate entity that will be managed according to the terms set forth in the trust agreement.
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