A trust where the settlor cannot reclaim the trust property or derive benefit from it once it has been transferred to the legal ownership of the trustees. Most trusts in the UK, excluding bare trusts, are of this sort.
It is, however, now commonplace for trusts in tax havens and secrecy jurisdictions to permit the settlor to either cancel a trust arrangement, or to retain significant settlor benefits , meaning that they are not irrevocable trusts.
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