Secondly, need to limit yourself in the Irrevocable Trust to earnings only. Often these trusts are called income trusts. Generally the assets are put in no recourse investments with regard to example insurance company annuities or bank Compact disks. Interest is then removed to provde the necessary pay packet. Situations occur where real estate such as a home is in the trust and permission to stay in the home is granted by the trust. At death the assets all of the trust are passed to the beneficiaries of the trust, your heirs.
But inside mind your family and friends aren't the only people you need worry when it comes to. estate planning isn't just another thing that needs done before your death