Which type of trust cannot be changed once established?

An irrevocable trust cannot be changed once it has been established. This characteristic is what differentiates it from other types of trusts, such as revocable trusts, which can be altered or revoked by the grantor at any time during their lifetime. In the case of an irrevocable trust, once the assets are transferred into the trust, the grantor relinquishes control over those assets, and the terms of the trust cannot be modified without the consent of the beneficiaries or a court order. This permanence can provide certain benefits, such as asset protection from creditors and potential tax advantages, as the assets are no longer considered part of the grantor's estate.

Living trusts can be either revocable or irrevocable, and testamentary trusts are established through a will upon the grantor's death. Therefore, only the irrevocable trust is defined by its unchangeable nature once created. This understanding is crucial for anyone considering establishing a trust as part of their financial or estate planning strategy.