Download this New Hampshire Irrevocable Living Trust form which provides a way for an individual to set aside property and assets for the benefit of his or her loved ones in a separate entity. Why would you do this? A trust provides flexibility to a grantor, because the grantor can craft the trust to take into account his or her values and the needs of his or her beneficiaries. For instance, a grantor may want to make sure his children are educated before they are able to access their full share of the trust, so he or she may specify that funds are to be used for educational expenses only until they have reached a certain age. Or a grantor may want to help a beneficiary with the purchase of a home, so he or she can specify that the funds are to be used to purchase a home. An irrevocable trust is typically set up to move property out of a grantor’s taxable estate. This is why an irrevocable trust may not be changed or revoked during a grantor’s lifetime without the possibility of incurring penalties.