Florida General Form of Inter Vivos Irrevocable Trust Agreement

• Category: Trusts - Living Trusts
• State: Multi-State
• Control #: US-0271BG
• Format: Word; Rich Text

Description

This form is a general form of inter vivos irrevocable trust agreement. Inter vivos trust refers to a trust created and executed during the life time of a testator. It is a revocable trust created to hold property for the benefit of another person. The term inter vivos trust is used to describe living organ donation, in which one patient donates an organ to another while both are alive. It is a revocable living trust in the sense that, this document generally imitate a person's will and are prepared while the individual is living, not at the time of their death.

The Florida General Form of Inter Vivos Irrevocable Trust Agreement is a legally binding document that outlines the terms and conditions of an inter vivos trust in the state of Florida. This trust agreement is designed to ensure the proper administration and distribution of assets during the lifetime of the granter, and cannot be revoked or altered once established. This agreement sets out the roles and responsibilities of the granter, trustee, and beneficiaries involved in the trust arrangement. It includes provisions for the transfer of assets into the trust, the management and investment of those assets by the trustee, and the eventual distribution of assets to the beneficiaries according to the granter's wishes. The Florida General Form of Inter Vivos Irrevocable Trust Agreement is a versatile document that can be used for various purposes. Some different types of inter vivos irrevocable trusts that can be established using this agreement include: 1. Revocable Living Trust: This common type of trust allows the granter to place assets into the trust during their lifetime and retain control over those assets. The trust becomes irrevocable upon the granter's death, and the assets are then distributed according to the terms specified in the trust agreement. 2. Charitable Remainder Trust: This type of trust allows the granter to make a charitable contribution while still retaining an income stream from the donated assets during their lifetime. The remaining assets are transferred to a charitable organization upon the granter's death. 3. Special Needs Trust: This trust is established for the benefit of a disabled individual and is designed to protect their eligibility for government benefits. The trust assets can be used to supplement the individual's needs without jeopardizing their access to essential assistance programs. 4. Irrevocable Life Insurance Trust: This trust is specifically created to hold life insurance policies outside the granter's estate for estate tax planning purposes. The proceeds from the life insurance policy are paid into the trust upon the granter's death and used for various purposes, such as paying estate taxes or providing financial support to beneficiaries. 5. Qualified Personnel Residence Trust: This trust allows the granter to transfer ownership of their primary residence or vacation home into the trust while still retaining the right to live in the property for a specified period. This trust can help reduce estate taxes and facilitate the transfer of the property to beneficiaries. It is essential to consult with a qualified attorney when creating a Florida General Form of Inter Vivos Irrevocable Trust Agreement, as the specific provisions and requirements may vary depending on the intended purpose and individual circumstances.