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