How Do I Set Up an Irrevocable Trust for My Parent? | NC

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Q: How do I set up an irrevocable trust correctly for my parent? A: To do it correctly, the trust should be created by your parent while your parent has legal capacity. That means your parent understands the trust, the property going into it, and the fact that an irrevocable trust usually cannot be changed or canceled at will. If someone else signs or transfers assets for your parent, that…