This form is an agreement between the trustor and the trustee to create an irrevocable living trust.The purpose of the creation of the trust is to provide for the convenient administration of certain assets without the necessity of court supervision in the event of the trustor incapacity or death. Other provisions within the document include: trust assets, the abstract of the trust, and suggested trust registration.
What is an Irrevocable living trust?
A living trust is a legal document that individuals (grantors or trustors) prepare to create a fund of assets they want to hold during their lifetime and bequeath to the named people (beneficiaries) after they pass away. They assign a third party (trustee) to manage these assets and supervise their transfer at a predetermined time. A living trust are an essential tool for estate or property planning as an alternative to wills; allowing owners to distribute their assets (estate, stocks, bank accounts, etc.) as they wish and bypass state court probate procedures if they die intestate.
Trusts can be either revocable or irrevocable. An irrevocable living trust is the stricter form of property transfer as it excludes the grantor’s opportunity to modify anything in the agreement or to terminate it once set up. Though both types have similar terms, you should be aware of some important differences.
Revocable vs. irrevocable trust
As the name implies, a revocable trust allows the grantor to modify its terms (for example, transfer some assets out or add some extra ones, change the beneficiaries and trustees) or cancel it at any moment. Such terms are wholly different from those that apply to an irrevocable living trust, which must remain unchanged and without a termination option from the moment you set it up. However, in some states, the grantor can change the document with the beneficiary’s permission or by court order.
Both of these property grants have their benefits:
Types of irrevocable trusts
There are several irrevocable trust examples:
- Irrevocable life insurance trusts;
- Charitable trusts;
- Lifetime gifting trusts (including the grantor-retained annuity, spousal lifetime access, and qualified personal residence trusts);
- Testament trust created after the grantor’s death.
- Personal details of the parties involved (grantor, beneficiary, trustee, and successor trustee);
- Description of the transferred property items.
Living trust forms
To set up a living trust, the grantor must ensure the accuracy of the necessary paperwork. US Legal Forms offers only verified printable and electronically editable legal templates specific to your state regulations. Download our Trust Irrevocable Form and provide the following information:
The agreement template we offer is a universal multi-state do-it-yourself form. If you want to add additional terms to the contract or amend any existing ones, though, please consult a legal advisor to do this task correctly.
A revocable living trust form in Florida is a legal document that allows individuals to establish and maintain control over their assets while they are alive, and also plan for the management and distribution of those assets after their death. Unlike a will, a revocable living trust can prevent the need for probate, ensuring a more efficient and private transfer of assets to beneficiaries. In Florida, there are various types of revocable living trust forms available, each serving different purposes and accommodating specific needs: 1. Basic Revocable Living Trust: This is the most common type of trust in Florida, designed to hold and manage an individual's assets during their lifetime. It allows the granter (the person creating the trust) to maintain control over their assets and modify or revoke the trust at any time. 2. Family Revocable Living Trust: A family trust is created to hold and manage the assets of multiple family members. It allows for the seamless transfer of wealth, efficient management of assets, and potential tax benefits for future generations. 3. Charitable Revocable Living Trust: Individuals looking to support charitable causes can create a charitable revocable living trust. This type of trust ensures continuous support for the chosen charity, with the granter having the flexibility to modify or revoke it as desired. 4. Special Needs Revocable Living Trust: This trust is designed to provide financial support for individuals with special needs without compromising their eligibility for government programs. It allows the granter to allocate resources for the care and support of the beneficiary while preserving their eligibility for benefits. 5. Joint Revocable Living Trust: A joint trust is created by a married couple and holds their assets collectively. It allows for the seamless management and transfer of assets between spouses, avoiding probate upon the death of the first spouse. It is important to consult with an attorney specializing in estate planning to determine the most suitable revocable living trust form in Florida based on individual circumstances and goals.
