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.
Washington State Living Trust Forms with Will: A Detailed Description and Types In Washington State, a living trust with a will is a legal document that enables individuals to manage and distribute their assets during their lifetime and after their death, ensuring their wishes are followed. This comprehensive estate planning tool provides numerous benefits, including probate avoidance, privacy, and the ability to maintain control over one's assets. The following provides a detailed description of Washington State living trust forms with will, including different types available for residents. 1. Living Trust: A living trust, often referred to as a revocable living trust, is the foundation of the estate plan. This legal document establishes a framework for managing and distributing one's assets during their lifetime and after death. With a living trust, the individual (known as the granter or settler) transfers their assets into the trust, becoming the trustee and the primary beneficiary. They retain control over the assets and can modify or revoke the trust at any time. In the event of the granter's death or incapacity, a successor trustee manages the assets and distributes them according to the granter's instructions outlined in the trust. 2. Pour-Over Will: A pour-over will often is used in conjunction with a living trust to ensure that any assets not transferred into the trust during the granter's lifetime are "poured over" into the trust upon their death. This allows the granter to capture any overlooked assets and ensure they are part of the overall trust distribution plan. The pour-over will also designate guardians for minor children and specifies the personal representative responsible for finalizing the granter's affairs. 3. Declaration of Trust: A declaration of trust is a stand-alone document that details the essential provisions of a living trust. It serves as a comprehensive guide to the trust's purpose, trustees, beneficiaries, and distribution instructions but doesn't include the specific asset-transfer language typically found in a revocable living trust. This document is useful for individuals who want to establish the guiding principles of their trust while keeping their asset details private or in situations where a full trust isn't necessary. 4. Financial Power of Attorney: While not directly part of the living trust forms with will, including a financial power of attorney in an estate plan is highly recommended. This legal document designates an agent to act on the individual's behalf regarding financial matters if they become incapacitated. Having a financial power of attorney ensures seamless management of finances and avoids the need for a court-appointed conservatorship. It is crucial to consult an experienced estate planning attorney to determine the specific Washington State living trust form with will that suits your unique circumstances and goals. This professional can evaluate your assets, discuss your intentions, and assist in creating a customized estate plan that provides the maximum benefits and protection for you and your loved ones.
