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.
Description: A New Hampshire Living Trust — Irrevocable is a legal arrangement in which an individual, known as the granter, transfers ownership of assets into a trust for the benefit of designated beneficiaries. It is an estate planning tool that offers several advantages, such as asset protection, tax benefits, and flexibility in managing assets during one's lifetime and after death. An irrevocable living trust cannot be altered or revoked by the granter once it has been established. This means that once the assets are transferred into the trust, the granter relinquishes ownership and control over them, placing them under the fiduciary responsibility of a trustee. However, this also provides several benefits as it removes those assets from the granter's estate, potentially reducing estate taxes and protecting them from creditors. There are different types of irrevocable living trusts available in New Hampshire, each designed to cater to specific needs and goals of the granter. Some commonly used types are: 1. Medicaid Asset Protection Trust: This trust is designed to protect assets from being counted for Medicaid eligibility purposes, allowing the granter to potentially qualify for long-term care benefits while preserving their assets for their intended beneficiaries. 2. Charitable Remainder Trust: This trust allows the granter to make a charitable contribution while still receiving an income stream from the assets during their lifetime. Upon their passing, the remaining assets are then transferred to the designated charitable organization. 3. Special Needs Trust: This trust is created to provide for the financial needs of a beneficiary with special needs, without jeopardizing their eligibility for government benefits such as Medicaid or Supplemental Security Income (SSI). 4. Dynasty Trust: A dynasty trust is designed to provide ongoing asset protection and wealth preservation for multiple generations. It allows the granter to transfer substantial assets to the trust, with each subsequent generation benefiting from the trust's assets and shielding them from estate taxes. 5. Granter Retained Annuity Trust (GREAT): A GREAT allows the granter to transfer assets to the trust while retaining an annuity payment for a specified number of years. At the end of the term, the remaining trust assets pass to the designated beneficiaries, potentially reducing estate taxes. Overall, a New Hampshire Living Trust — Irrevocable can be a powerful tool for individuals looking to protect their assets, minimize tax liabilities, and secure the financial future of their loved ones. Professional legal and financial advice should be sought when considering the establishment of an irrevocable living trust to ensure it aligns with specific needs and goals.
