An irrevocable trust is another one of many options to consider when it comes to estate planning. Unlike a regular trust where you can make changes while you are living, you generally cannot make any changes to an irrevocable trust once it is set in place. Think of it as essentially giving up control of that property or asset once the irrevocable trust has been finalized. It is no longer yours and you no longer have the same abilities you had previously. Whatever was designated in this type of trust now belongs to the trust itself. How Does an Irrevocable.