Sample Irrevocable Trust With Spendthrift Provision
Description
How to fill out Irrevocable Trust Agreement For Benefit Of Trustor's Children And Grandchildren With Spendthrift Trust Provisions?
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FAQ
For example, a trust provision may stipulate that upon the death of the grantor, if all her children are over the age of 30, the trust assets are to be distributed equally amongst them, while if some are under the age of 30, then the trust does not terminate until the youngest reaches that age.
Generally, you can expect to pay $1,000 or more to set up a trust. The cost to set up your trust will depend upon whether you are setting it up yourself or use a qualified attorney. If you use a lawyer to set up your trust, you can expect to pay them hourly. Hourly rates start at $150 and can go up to $450 or more.
Get help from a lawyer to craft a spendthrift trust. The lawyer will ask you detailed questions to make sure a spendthrift is right for you and to find out what you want to accomplish with the trust.
For example, let's say you have an estate worth $2 million. Instead of gifting the estate in its entirety at once, a spendthrift provision could arrange to disperse any dividends earned on a quarterly basis. As the 'grantor,' or the person who created the trust, you must appoint a trustee.
The exact wording of a spendthrift clause may look something like ?no beneficiary may assign, anticipate, encumber, alienate, or otherwise voluntarily transfer the income or principal of any trust created under this trust.