When you consider estate planning, it is important that the plan be tailored to your needs. While it is safest to create a revocable trust, which can be modified during your lifetime, sometimes your circumstances or plans require an irrevocable trust.
Irrevocable trusts cannot be changed once you have signed the trust agreement. Irrevocable trusts can reduce your estate tax because they remove the property from your estate once it is in the trust, benefiting the people you selected as beneficiaries.
Similarly, once you set up an irrevocable trust, you have no legal access to the assets placed in the trust, which protects those assets from creditors and others.
You need expert advice from an attorney in order to set up a trust. You will need help determining what type of trust is better for your circumstances, assets and plans. You also want expert advice and guidance throughout the process so that you end up with a document that reflects your vision and achieves your goals.