A. An Irrevocable Living Trust is created by a written agreement between you and the person you choose to manage the assets in the Trust. The terms of the Trust Agreement should be tailored to meet your specific needs and objectives. On your death, your trust assets will be distributed directly to your named beneficiaries without the costs, problems, publicity, or delays of Probate. All of the assets in the Trust are governed by the Trust Agreement signed by you and your Trustee. The terms of the Trust Agreement are critical in order to protect assets in the event of a catastrophic illness. The state and federal Medicaid laws have stringent requirements pertaining to Trusts. Assets in Trusts failing to meet these regulatory standards will become vulnerable in determining Medicaid eligibility.