Irrevocable Trust Form

 Irrevocable Trust Agreement for Benefit of Trustor's Children and Grandchildren
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State:
Multi-State
Control #:
US-01567BG
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Available formats: Word | Rich Text

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Description irrevocable trust agreement template

A Trust is an entity which owns assets for the benefit of a third person (beneficiary). Trusts can be revocable or irrevocable. An irrevocable trust is an arrangement in which the grantor departs with ownership and control of property. Usually this involves a gift of the property to the trust. The trust then stands as a separate taxable entity and pays tax on its accumulated income. Trusts typically receive a deduction for income that is distributed on a current basis. Because the grantor must permanently depart with the ownership and control of the property being transferred to an irrevocable trust, such a device has limited appeal to most taxpayers.

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