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.
A revocable trust template with an EIN (Employer Identification Number) is a legal document that allows an individual or entity to outline their wishes for the management and distribution of their assets during their lifetime and after their death. The EIN is a unique identifier issued by the Internal Revenue Service (IRS) to track tax liabilities. This type of trust, often referred to as a living trust or a revocable living trust, can be changed or revoked by the granter (the person creating the trust) during their lifetime. It offers flexibility while still providing benefits such as avoiding probate, maintaining privacy, and ensuring a smooth succession of assets. The revocable trust template with EIN can be customized to suit individual needs and can include various provisions and instructions. Here are some different types or provisions that can be included within such a trust template: 1. Successor Trustee: The granter can name a trusted individual or entity to manage and distribute the assets of the trust in case they become incapacitated or upon their death. 2. Beneficiaries: The trust template can specify who will be the beneficiaries of the trust, including family members, friends, or charitable organizations. 3. Distributions: The template can outline how and when the assets in the trust will be distributed to the beneficiaries. This can include lump-sum distributions, periodic payments, or specific conditions that must be met before distribution. 4. Trustee's Powers: The trust can grant various powers to the trustee, such as investment decisions, buying or selling assets, or managing real estate. 5. Disability provisions: In the event of the granter's incapacity, the trust template can provide guidelines for managing their assets, including healthcare decisions and financial management. 6. Tax Planning: The template can integrate tax-saving strategies to minimize estate taxes, including provisions such as bypass trusts, portability election, or qualified terminable interest property (TIP) trusts. 7. Charitable Giving: If the granter wishes to make charitable donations, the revocable trust template can include provisions for distributions to charitable organizations. It's important to note that while a revocable trust with an EIN offers benefits during the granter's lifetime and after death, it does not provide asset protection from creditors or estate tax savings to the same extent as an irrevocable trust. Consulting with an attorney or estate planning professional is advisable to ensure the trust template with EIN aligns with the individual's specific goals and circumstances.
