In the simplest terms, an irrevocable trust is a specific agreement between the individuals or entities creating the trust, the trustee (or trustees) who will manage the trust, and the beneficiaries that will benefit from the trust. The trust creator must follow certain legal requirements, sign the trust document, and then transfer any property to the trust that should be included to pass to beneficiaries. If they don’t title the properties or identify the assets in the trust’s name, the court will likely disallow those specific assets from inclusion in the trust.
There are many different avenues available to help you accomplish your estate planning goals. One of the most commonly used tools is a trust. In essence, a trust is a legal document that manages one's assets up to and after one's death. This form of estate planning is popular because it provides a lot of flexibility and privacy.