Loading...Download this Illinois Irrevocable Trust form which allows you to set aside property for the benefit of others (your beneficiaries). It allows you as the grantor, to have flexibility in how your property is distributed to your beneficiaries. Some grantors put restrictions on distribution, such as restricting how the funds are expended, or when they are distributable. The trust is made while you are alive and continues after your death, so there is continuity. You appoint a trusted person to be in charge of the trust. THis person is called the trustee. The trustee has a fiduciary duty to the beneficiaries.
An irrevocable trust is not meant to be changed or revoked during the life of a grantor. If it is created and executed properly, some grantors are able to remove the property from their taxable estate, in exchange for giving up the ability to change or revoke the trust.