This form is an agreement between the trustor and the trustee to create an irrevocable living trust.The purpose of the creation of the trust is to provide for the convenient administration of certain assets without the necessity of court supervision in the event of the trustor incapacity or death. Other provisions within the document include: trust assets, the abstract of the trust, and suggested trust registration.
What is an Irrevocable living trust?
A living trust is a legal document that individuals (grantors or trustors) prepare to create a fund of assets they want to hold during their lifetime and bequeath to the named people (beneficiaries) after they pass away. They assign a third party (trustee) to manage these assets and supervise their transfer at a predetermined time. A living trust are an essential tool for estate or property planning as an alternative to wills; allowing owners to distribute their assets (estate, stocks, bank accounts, etc.) as they wish and bypass state court probate procedures if they die intestate.
Trusts can be either revocable or irrevocable. An irrevocable living trust is the stricter form of property transfer as it excludes the grantor’s opportunity to modify anything in the agreement or to terminate it once set up. Though both types have similar terms, you should be aware of some important differences.
Revocable vs. irrevocable trust
As the name implies, a revocable trust allows the grantor to modify its terms (for example, transfer some assets out or add some extra ones, change the beneficiaries and trustees) or cancel it at any moment. Such terms are wholly different from those that apply to an irrevocable living trust, which must remain unchanged and without a termination option from the moment you set it up. However, in some states, the grantor can change the document with the beneficiary’s permission or by court order.
Both of these property grants have their benefits:
Types of irrevocable trusts
There are several irrevocable trust examples:
- Irrevocable life insurance trusts;
- Charitable trusts;
- Lifetime gifting trusts (including the grantor-retained annuity, spousal lifetime access, and qualified personal residence trusts);
- Testament trust created after the grantor’s death.
- Personal details of the parties involved (grantor, beneficiary, trustee, and successor trustee);
- Description of the transferred property items.
Living trust forms
To set up a living trust, the grantor must ensure the accuracy of the necessary paperwork. US Legal Forms offers only verified printable and electronically editable legal templates specific to your state regulations. Download our Trust Irrevocable Form and provide the following information:
The agreement template we offer is a universal multi-state do-it-yourself form. If you want to add additional terms to the contract or amend any existing ones, though, please consult a legal advisor to do this task correctly.
If you are an employer looking to establish an irrevocable trust for your employees, there are various printable forms available to assist you in the process. Irrevocable trust forms serve as legal documents that outline the terms and conditions of the trust, ensuring it operates according to your desired specifications. These forms provide a comprehensive framework for managing and distributing employee benefits, creating a secure environment for both you and your employees. The following are some key types of irrevocable trust forms printable for employee hire: 1. Employee Benefit Irrevocable Trust Form: This form is specifically designed to establish a trust dedicated to managing employee benefits such as health insurance, retirement plans, disability coverage, and more. By utilizing this form, employers can guarantee the secure administration of benefits and protect their employees' financial well-being. 2. Pension Irrevocable Trust Form: For employers wanting to create a pension plan for their workers, this printable form is invaluable. It ensures that the pension fund is held within an irrevocable trust, providing financial security and a consistent income source for retired employees. 3. Wage Garnishment Irrevocable Trust Form: This form allows employers to establish an irrevocable trust to collect and distribute wages for employees subject to garnishments due to legal or financial obligations. By using this form, employers can comply with court orders while ensuring the employee receives their remaining wages. 4. Employee Stock Ownership Plan (ESOP) Irrevocable Trust Form: Sops are trusts commonly used to transfer ownership of a company to its employees. This printable form enables employers to create an irrevocable trust that holds stocks or shares on behalf of employees, fostering employee ownership and incentivizing long-term commitment and performance. 5. Life Insurance Irrevocable Trust Form: Employers seeking to provide life insurance benefits to their employees may use this printable form to establish an irrevocable trust. This ensures that policy payouts are distributed according to the employer's predetermined instructions, offering financial protection to the employee's beneficiaries. By utilizing these various irrevocable trust forms printable for employee hire, you can effectively structure and manage various aspects of employee benefits, pension plans, wage garnishments, stock ownership plans, and life insurance for the benefit of your workforce. These forms serve as legally binding agreements, creating a safeguarded environment for both employers and employees.
