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Download this Pennsylvania Irrevocable Living Trust form which is a way for a grantor (person creating the trust) to set aside his or her assets and property in a separate entity.  Why would someone do this?  A trust is flexible.  You, as grantor, can provide that your assets will be disseminated only upon certain threasholds (i.e. when my son reaches the age of 25) or for certain purposes (i.e. for educational purposes)  A trust is continuous as it continues to function even after the grantor passes.  A trust is private, in that it is not probated with the probate court.  An irrevocable trust is not meant to be changed or terminated.  If it is, there can be some tax or other penalties depending on how the trust was set up initially.