How do you set up irrevocable trust?

To set up an irrevocable trust, first, determine the purpose of the trust and select the assets you wish to place in it. Next, choose a trustee, who will manage the trust, and identify the beneficiaries who will benefit from it. Draft the trust document, outlining the terms, conditions, and distribution methods, and ensure it complies with state laws. Finally, fund the trust by transferring the designated assets into it, which typically requires legal documentation.