Setting up your Irrevocable Trust.

• 1). Decide on beneficiaries. Start by compiling a list of the people whom you would like to receive the property or assets you include in the trust. Once you have created the trust it can never be changed, so keep this in mind as you create your list.
  
  
• 2). Pick a trustee. After the trust is set up you cannot directly or indirectly have power or control over the trust, so the assets must be signed over to a third party until the trust is distributed to the beneficiaries. Many people choose a lawyer or a trusted loved one to control all trust assets until distribution.
  
  
• 3). Study the laws governing trusts in your state and country. Because irrevocable trusts are used to avoid taxation on property and assets, it is important that you understand exactly what the laws and regulations are regarding trusts in you area. Once again an attorney can really help make the process easy to understand, properly documented and regulated.
  
  
• 4). Obtain and fill out the proper paperwork. An attorney can help immensely when setting up a irrevocable trust because of the different state and federal laws that need to be observed depending on the assets the trust holds. If you do not wish to hire a lawyer, you can also seek assistance from a qualified trust preparer or a paralegal, however, you can do all the form work yourself. You can also find paperwork and forms online at law websites.
  
  
• 5). Transfer the trusts funds and property to the trustee. Make sure your documentation is filled out before this happens and is notarized and witnessed by a trusted source. This last step makes the trust official and makes the trustee legally responsible for following the wishes you put forth at the time of the trust's creation. It is important to keep copies of the documentation in a safe place, such as a safety deposit box, with an attorney or in a safe.