Download this Massachusetts Irrevocable Living Trust form which is a way of setting aside assets and property for the benefit of your beneficiaries. The person who creates the trust is called the grantor. The person who holds the funds and manages the trust is called the trustee. The people or organizations who receive distributions from the trust are called the beneficiaries. A trust provides flexibility to the grantor to provide restrictions on the use of the trust funds by the beneficiaries. For instance, a grantor may require that a beneficiary reach a certain age before they can receive the trust property, or a grantor may require that the funds be expended on specified things only, such as health, education or housing. An irrevocable trust is not meant to be revoked or changed during the grantor’s life. If created, executed and maintained properly, the property transferred to the trust may not be considered part of the grantor’s taxable estate.