Irrevocable Trust Trustors Without A Will

• Category: Trusts - Irrevocable
• State: Multi-State
• Control #: US-01567BG
• Format: Word; Rich Text

Description

The Irrevocable Trust Agreement for Benefit of Trustor's Children and Grandchildren serves as a legal framework for managing and distributing assets of a trust established by a grantor who has no will. This document outlines the responsibilities of the trustee and establishes guidelines for distributions to the grantor's descendants, providing financial protection and structured inheritance for children and grandchildren. Key features include provisions for initial distributions, trust divisions among living and deceased children, and terms for handling the interests of minors and individuals under legal disability. It emphasizes the trustee's powers and responsibilities, including the ability to retain certain assets and manage investments. Filling and editing instructions indicate the necessity to accurately complete details like names, addresses, and specific amounts. This form is particularly useful for attorneys, paralegals, and legal assistants involved in estate planning, as it provides a clear mechanism for asset management and distribution without the complexities of probate. It ensures that the grantor's intentions are honored, while also safeguarding the beneficiaries from creditor claims and mismanagement of funds.