Irrevocable Living Trust

Let 360 Legal Forms help you create an Irrevocable Living Trust to be sure personal assets are assigned correctly after death.

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A trust is a legal structure involving a grantor (who places their assets in the trust), a trustee (who manages the assets), and a beneficiary or beneficiaries.

In particular, the Irrevocable Living Trust is created during the grantor's lifetime and cannot be altered or revoked once set up.

What Is an Irrevocable Living Trust?

The Living Trust is an estate planning vehicle. The Irrevocable Living Trust is favored by most grantors over the Revocable Living Trust and the will.

In many cases, Living Trusts start as revocable and only get changed to irrevocable later on. Upon the death of the grantor, a Revocable Living Trust becomes an Irrevocable Living Trust.

Once a grantor transfers their assets to a trust, they no longer have personal ownership of said assets. There are many advantages to an Irrevocable Living Trust.

It's more cost-effective than going into probate because the trustee is entrusted to carry out all end-of-life affairs. The Irrevocable Living Trust also provides more protection than a will against being challenged in court. Unlike a will, it is not a public document and therefore offers more privacy.

Other Names for Irrevocable Living Trust

Depending on your state, an Irrevocable Living Trust may also be known as:

  • Inter Vivos Trust

Who Needs an Irrevocable Living Trust

A Living Trust is a structure holding all of a person's valuable assets. These may include real properties, vehicles, savings, jewelry, and more.

There are no limits to creating a living trust, though it is almost always utilized by people who have a sizable estate. Setting up an Irrevocable Living Trust is also a way to ensure the grantor's interests are covered, and their well-being is taken care of in the event they become incapacitated.

Why Use 360 Legal Forms for Your Irrevocable Living Trust

Customized for you, by you

Create your own documents by answering our easy-to-understand questionnaires to get exactly what you need out of your Irrevocable Living Trust.

Specific to Your Jurisdiction

Laws vary by location. Each document on 360 Legal Forms is customized for your state.

Fast and easy

All you have to do is fill out a simple questionnaire, print, and sign. No printer? No worries. You and other parties can even sign online.

How to Create an Irrevocable Living Trust with 360 Legal Form

To get your Irrevocable Living Trust correct, you can rely on 360 Legal Forms.

Let 360 Legal Forms help with our extensive library of attorney-vetted legal forms. The process is fast and easy. All you have to do is fill out our easy-to-understand questionnaire. Once complete, simply download your form as a PDF or Word document from your secure online account.

What Information Will I Need to Create My Irrevocable Living Trust?

To create your document, please provide:

  • Grantor's information: The legal name and address of the grantor and their family status.

  • Trustee's information: The legal name and address of all the trustees and in the order they are appointed.

  • Beneficiary information: The legal names and other information of all the beneficiaries of the trust.

  • List of assets: The identification and specification of the assets to be held in the trust. The list can be expanded but not truncated later on.

  • Asset distribution: A detailed description of how the assets are distributed after the grantor's death.

  • Direct payments: The direct payments the trustee is instructed to make after the death of the grantor.

Irrevocable Living Trust Terms

  • Grantor: The person who is transferring assets to the living trust.

  • Trustee: The person who is entrusted to manage the assets held in the trust.

  • Beneficiary: A person for whom the living trust was created.

  • Executor: A person who organizes everything after the grantor's death.

  • Fiduciary duty: An obligation for one party to act in the best interests of another (for example, the relationship of a trustee and grantor.)

  • Probate: This is a legal process to review and carry out a will, including the estate distribution, if there is no will.

  • Blind trust: A type of trust where the beneficiaries are not made aware of the trust's holdings.

  • Estate: A person's possessions during their lifetime and after death.

Irrevocable Living Trust Signing Requirements

After printing out your Irrevocable Living Trust document, make sure to read it carefully before signing. Depending on your state, witnesses may be required to sign the document, which would also require the notary public's signature.

What to Do with Your Irrevocable Living Trust

After getting your Irrevocable Living Trust document notarized, you should make several copies. This is to transfer your capital assets such as stocks and real properties rather than inform the beneficiaries, for which you may choose to carry out, but it is not required.

Individual states may require the trustee to register the Irrevocable Living Trust with the county court. However, there are no legal penalties otherwise.

Frequently Asked Questions

The service of an attorney is not required by law to create a Revocable Living Trust. But for your Irrevocable Living Trust, you may want to enlist the help of a probate attorney to create a bulletproof trust.

The fact that you're relinquishing your assets before death can be a significant disadvantage. It can also be expensive and loaded legal fees. You also need to go through the re-titling process and to re-deed all of your real properties.

The trustee of an Irrevocable Living Will can resign at any time with a 30-day notice. Also, the grantor can remove any trustee at any time. After the grantor's death, the beneficiaries can also remove any of the trustees as they wish.

Charitable trusts are used to reduce estate taxes through donations to qualified charities. The special needs trust is a type of irrevocable trust that takes care of the financial support of a person with special needs. Another type is the spendthrift trust that allows you to dole out money to the beneficiary as specified in the terms of the trust.

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Applicable to all 50 states
Applicable to all 50 states

Our documents are vetted by lawyers and are applicable to all 50 states.