An irrevocable trust sounds like a trust that you can never modify or terminate if need be, but that isn’t exactly the case. Irrevocable trusts can be modified or terminated; however, you must have the consent of the beneficiaries and trustee to do so. You also have the option to write in more flexibility by adding the caveat that you maintain the ability to change the beneficiaries and trustee during your lifetime, which essentially gives you full control. The guides below contain everything you need to know about irrevocable trusts.