Download this Nebraska Irrevocable Living Trust form which makes it possible for an individual (the grantor) to set aside specified assets and property in a separate entity for the benefit of his or her beneficiairies. Why set up a trust? A trust provides continuity of asset management, in that it is a separate entity that survives your death. A trust is flexible, in that the grantor can add provisions that suits the needs of his situation For instance, a grantor may not want his son to have full access to the funds until he has reached a more mature age, but wants him to be able to pay for his edication. A trust can be drafted to allow for that. An irrevocable trust is not meant to be altered or terminated during the lifetime of the grantor. If it is, there may be tax or other penalties associated with the changes or termination.