Trust Forms
There are many kinds of trusts that
one may adopt. If you are not an attorney, you are advised to seek the
advice of an attorney before using these trust forms. Many are very complex
and require expert adaptation to your situation. See definitions below.
Many of these trusts can be converted to other trusts by appropriate modifications.
We are adding other completed trust forms, so check back if you do not
find the trust you need.
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Living Trusts - "inter vivos trust". A trust which takes effect during your lifetime. Note: Most Living Trusts are revocable. See also Preparation
Service Living Trust Package.
- Medicaid Income Trust
- Special Needs Trust
- Complex Trusts for Wills
- Other Trusts
- Trust Agreement - Revocable Control# US-00648-A
Description:Trust with wife and children as beneficiaries. Primarily for life insurance but may also include other assets.
- Letter re: trust money Control # US-01634
- Trust Agreement - Revocable Control # US-00649
Description: Trust with Grantor as beneficiary with children as beneficiaries on death of Grantor.
- Trust Agreement - Irrevocable Control# US-00648
Description: Trust with wife and children as beneficiaries. Primarily for life insurance but may also include other assets.
- Uniform Custodial Trust Act - Click Here!
Trust Definitions
- Trust Definition - A fiduciary
relationship in which one party holds legal title to another's property
for the benefit of a party who holds equitable title to the property.
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Alimony Trust - A trust created
often in accordance with a separation agreement in which property is transferred
to the trust as a source of support for a divorced spouse with a remainder
to someone else.
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Business Trust - A trust that
is created for the purpose of making profit and that is usually characterized
by some kind of commercial activity, transferable certificates of interest,
existence continuing after the death of beneficiaries, limited liability,
legal title in the hands of trustees, and officers having duties of management
(called also common-law trust, Massachusetts trust) Note: A trust that
qualifies as a business trust is eligible for bankruptcy protection under
Chapter 13 of the Bankruptcy Code.
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Bypass Trust - A trust in which
a spouse leaves his or her estate upon death to a trust naming the surviving
spouse as beneficiary usually with remainders to children or other
descendants (called also bypass shelter trust, credit shelter trust, shelter
trust). Note: The purpose of a bypass trust is to reduce the surviving
spouse's taxable estate. Such trusts do not qualify for the marital deduction.
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Charitable Remainder Annuity Trust
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A charitable remainder trust in which the named beneficiaries receive a
fixed payment of not less than five percent of the fair market value of
the original principal over the course of a specified period after which
the remaining principal passes to charity.
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Charitable Remainder Trust -
A trust in which individuals are named as beneficiaries to receive income
for a period of time (as the lifetimes of the beneficiaries) after which
the principal passes to charity Note: Charitable remainder trusts qualify
for tax exemptions under section 664 of the Internal Revenue Code.
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Charitable Remainder Unitrust [-'yü-ne-'trest]
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A charitable remainder trust in which the named beneficiaries receive
payments of a fixed percentage and not less than five percent of the value
of the trust assets as determined annually for a specified period after
which the remainder passes to charity.
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Charitable Trust - A trust created
for the purpose of performing charity or providing social benefits Note:
Unlike most trusts, a charitable trust does not require definite beneficiaries
and may exist in perpetuity.
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Clifford Trust ['kli-ferd-]
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A grantor trust lasting at least ten years with income payable to a beneficiary
and principal reverting to the settlor upon termination. Note: Prior to
the Tax Reform Act of 1986, a Clifford trust could be used as a tax shelter
that diverted income from the settlor, who was in a higher tax bracket,
to a beneficiary, often a child, who was in a lower tax bracket. Under
the current rules, the settlor is treated as the owner of any portion of
a trust in which he or she has a reversionary interest, and therefore taxes
are calculated at the settlor's rate.
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Credit Shelter Trust - See "bypass
trust".
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Discretionary Trust - A trust
that gives the trustee authority to exercise his or her discretion in distributing
principal or income to the beneficiary.
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Generation-Skipping Trust - A
trust in which the principal will eventually go to a skip person usually
following payment of income for life to a non-skip person: a trust created
by a generation-skipping transfer of property in trust.
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Grantor Trust - A trust that
is taxed at the settlor's tax rate because the settlor has the power to
control the beneficial enjoyment of the trust, retains a reversionary interest
in the trust, has administrative powers over the trust, has the power to
revoke the trust, or benefits from the income of the trust (See Clifford
Trust).
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Insurance Trust - A trust in
which the principal consists of an insurance policy or its proceeds.
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Inter Vivos Trust - A trust that
becomes effective during the lifetime of the settlor (Called also Living
Trust) (Compare Testamentary Trust).
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Irrevocable Trust - A trust that
cannot be revoked by the settlor after its creation except upon the consent
of all the beneficiaries.
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Land Trust - A trust created
to effectuate a real estate ownership arrangement in which the trustee
holds legal and equitable title to the property subject to the provisions
of a trust agreement setting out the rights of the beneficiaries whose
interests in the trust are declared to be personal property (Called also
Illinois Land Trust, Naked Land Trust).
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Marital Trust - A testamentary
trust naming a surviving spouse as the beneficiary.
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QTIP Trust ['kyü-'tip-]
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A trust to which qualified terminable interest property is transferred
for purposes of taking the marital deduction.
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Qualified Charitable Remainder Trust
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A trust that is either a charitable remainder annuity trust or a charitable
remainder unitrust.
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Real Estate Investment Trust -
A business trust similar to a closed-end investment company except that
it invests in real estate either as an owner having equity in the property
or as a lender holding mortgages on the property.
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Spendthrift Trust - A trust that
is created for the benefit of a spendthrift who is paid income therefrom
and that cannot be reached by creditors to satisfy the spendthrift's debts.
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Voting Trust - A trust created
by the transfer of legal title to shares of stock to a trustee or trustees
who exercise the corporate voting rights conferred by ownership of the
shares as agreed in the trust instrument. Note: The shareholders transferring
legal title to their shares retain the equitable title and continue to
receive dividends and other distributions. They also receive certificates
as evidence of their interest in the trust, which provides the holder with
the rights of a shareholder except for voting rights.
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