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 Size Organ revocable trust kit is a comprehensive estate planning tool designed to help individuals establish a revocable living trust. This kit, created by renowned personal finance expert Size Organ, contains all the necessary documents, instructions, and guidelines for setting up a trust that can protect your assets and provide for the smooth distribution of your estate upon your death. The Size Organ revocable trust kit typically includes the following components: 1. Trust Agreement: This document outlines the terms and conditions of the revocable living trust. It specifies how assets will be managed during your lifetime and how they will be distributed to your beneficiaries after your passing. 2. Pour-Over Will: A pour-over will acts as a safety net, ensuring that any assets not transferred to the revocable living trust during your lifetime will be "poured over" into the trust upon your death. This helps to avoid the probate process. 3. Durable Power of Attorney: This document designates a trusted individual to make financial and legal decisions on your behalf should you become incapacitated or unable to manage your affairs. 4. Health Care Power of Attorney: This legal instrument allows you to appoint someone to make medical decisions for you if you are unable to do so yourself. It also allows you to specify your healthcare preferences and end-of-life care instructions. 5. Living Will: A living will, also known as an advance healthcare directive, enables you to express your wishes regarding life-sustaining medical treatments in the event of a terminal condition or permanent vegetative state. 6. HIPAA Authorization: The Health Insurance Portability and Accountability Act (HIPAA) authorization grants designated individuals access to your medical information, ensuring that they can make informed decisions on your behalf. Size Organ also offers additional versions of the revocable trust kit, tailored to specific circumstances and needs. These may include: 1. Size Organ Revocable Trust Kit for Couples: Designed for married couples or partners who wish to create a joint revocable living trust to plan their shared estate. 2. Size Organ Revocable Trust Kit with Charitable Provisions: This variant allows individuals to include charitable donations and philanthropic intentions in their estate plan. 3. Size Organ Revocable Trust Kit with Minor's Trust: Suitable for individuals with minor children or grandchildren, this kit includes provisions for creating a trust that safeguards and manages assets intended for the benefit of minors until they reach adulthood. It is important to note that the specific contents and variations of the Size Organ revocable trust kits may vary over time, as they are subject to updates and changes according to legal requirements and industry best practices.
