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Download this Mississippi Irrevocable Living Trust form which provides a way to direct assets and property into a separate entity to be managed by a trustee for the eventual distribution to beneficiaries chosen by the grantor.  A trust is flexible in that a grantor can put provisions in which provide restrictions on when and how the money is distributed.  For instance, a grantor can direct that the funds be spent for educational purposes or that a beneficiary be a certain age before receiving the funds.  An irrevocable trust is not meant to be modified or revoked during the life of the grantor.  If it is set up, executed and maintained properly, the funds in an irrevocable trust may not be counted toward the grantor’s taxable estate.