Download this North Carolina Irrevocable Living Trust form in order to designate assets and property to be set aside in a separate entity for the benefit of the grantor’s chosen beneficiaries. The person who creates the trust and funds it is called the grantor. The person who manages the trust for the grantor with a fiduciary obligation to the beneficiaries is called the trustee. A trust provides flexibility, continuity and privacy. A trust is a private document unlike a will. It also continues in existence after the death of the grantor, so it is continuous. A trust also is very flexible in that it allows the grantor to draft it to suit his or her circumstances and desires for taking care of his or her beneficiaries. An Irrevocable Trust should not be changed or modfied, as there may be tax penalties associated with it.