Download this Wisconsin Irrevocable Living Trust form. An irrevocable trust, if created, executed and managed properly, is a separate entity that can hold assets and property separate from the grantor. In exchange for giving up future control over the assets, the assets in the trust may not be counted toward the grantor’s taxable estate. A trust allows a grantor to specify how, when, to whom and for what purpose distributions of funds are made. The trustee, appointed by the grantor, is obligated to follow the provisions of the trust and act in the best interests of the beneficiaries.