Who would want an "irrevocable trust"?

Who would want an "irrevocable trust"?

The purpose of an irrevocable trust is much more limited than the purpose of a revocable trust because, by its nature, it has been established as a continuing, non-changing entity for a specific reason. It is an effort by the client to take an asset, or group of assets and put them into a trust for the benefit of a third party. An irrevocable trust can be any kind of trust. It may be a trust for support for adult children, for education of grandchildren, for income to an improvident child, with remainder to a charity. Any one of those goals are satisfied by the irrevocable trust. It is not, strictly speaking, an estate planning arrangement. It is more of an asset succession arrangement, or a support arrangement for somebody who needs it.