The name “irrevocable trust” suggests that it can never be changed, and that is a general idea. These are trusts that you’re only supposed to make when you’re very sure of exactly how you want to use the assets you’re putting into them. You can’t just alter or cancel them on a whim.
However, trusts can be modified in some cases, depending on how they were set up. Here are a few instances where change may be possible.
Changes to tax laws
Trusts for charitable organizations are to may be be altered when tax laws change. These could be federal or state tax laws — or any laws that alter how the trust may be used.
After all, you cannot predict how laws are going to change in the future. If you set the trust up to transfer assets to a charity over a long period of time — a decade, for example — the odds are slim that every single tax law is going to be exactly the same as it was on the day you wrote the trust. Disallowing alterations based on changes to the law would not be true to the spirit of the trust or its goals.
Your options when creating trusts
Trusts are a major part of estate planning, and this is just one example of how complicated they can get. Working with an experienced advocate is wise. You absolutely need to understand all of the options you have.