Tennessee 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 Tennessee General Form of Inter Vivos Irrevocable Trust Agreement is a legal document that establishes a trust arrangement wherein the settler transfers their assets to a trustee to manage and distribute according to the terms outlined in the agreement. This irrevocable trust agreement can be used for various purposes, including estate planning, asset protection, and charitable giving, among others. The specific provisions and details of a Tennessee General Form of Inter Vivos Irrevocable Trust Agreement may vary depending on the settler's objectives and the nature of the assets involved. However, some common elements that are typically addressed in this agreement include: 1. Identification of the parties: The trust agreement identifies the settler (also known as the granter or trust or), who establishes the trust, and the trustee, who holds legal title to the assets and manages the trust. Additionally, beneficiaries, who are entitled to receive benefits from the trust, are also named. 2. Trust funding: The agreement specifies the assets being transferred into the trust, such as cash, real estate, investments, or business interests. This ensures that the trust is adequately funded to fulfill its intended purpose. 3. Trust objectives: The agreement outlines the goals and objectives of the trust, which could include providing financial support for family members, preserving wealth, minimizing estate taxes, or supporting charitable causes. The settler's specific intentions are articulated clearly. 4. Powers and limitations: The agreement defines the powers and authority granted to the trustee. This may include powers to invest, manage, and sell trust assets, make distributions to beneficiaries, and hire professional advisors. Any limitations on these powers may also be set forth. 5. Distribution provisions: The trust agreement outlines the rules for distributing assets to beneficiaries. It may specify certain conditions or criteria that must be met for distributions to occur, such as reaching a certain age or achieving specific milestones. The agreement may also establish instructions for any remaining assets upon the termination of the trust. 6. Trust duration: The agreement specifies the duration of the trust, which can be for a fixed term or continue for the lifetime of the beneficiaries. Additionally, it may outline provisions for terminating or modifying the trust under certain circumstances. Different types of Tennessee General Form of Inter Vivos Irrevocable Trust Agreements may be created to cater to specific purposes, such as: 1. Charitable Remainder Trust (CRT): A CRT is designed to provide an income stream to beneficiaries for a specified period, with the remainder passing to a charitable organization. 2. Special Needs Trust (SET): An SET enables individuals with disabilities to receive assets without affecting their eligibility for government benefits, as the trustee manages the funds for their benefit. 3. Irrevocable Life Insurance Trust (IIT): This trust allows the settler to exclude life insurance proceeds from their taxable estate, ensuring that the funds are distributed according to their wishes. In conclusion, the Tennessee General Form of Inter Vivos Irrevocable Trust Agreement is a flexible legal document that establishes a trust arrangement to manage assets for various purposes. It outlines the roles and responsibilities of the settler, trustee, and beneficiaries, as well as the objectives and rules governing the trust. Different types of trusts, such as CRTs, Sets, and Slits, can be created using this general form to suit specific estate planning goals.

The Tennessee General Form of Inter Vivos Irrevocable Trust Agreement is a legal document that establishes a trust arrangement wherein the settler transfers their assets to a trustee to manage and distribute according to the terms outlined in the agreement. This irrevocable trust agreement can be used for various purposes, including estate planning, asset protection, and charitable giving, among others. The specific provisions and details of a Tennessee General Form of Inter Vivos Irrevocable Trust Agreement may vary depending on the settler's objectives and the nature of the assets involved. However, some common elements that are typically addressed in this agreement include: 1. Identification of the parties: The trust agreement identifies the settler (also known as the granter or trust or), who establishes the trust, and the trustee, who holds legal title to the assets and manages the trust. Additionally, beneficiaries, who are entitled to receive benefits from the trust, are also named. 2. Trust funding: The agreement specifies the assets being transferred into the trust, such as cash, real estate, investments, or business interests. This ensures that the trust is adequately funded to fulfill its intended purpose. 3. Trust objectives: The agreement outlines the goals and objectives of the trust, which could include providing financial support for family members, preserving wealth, minimizing estate taxes, or supporting charitable causes. The settler's specific intentions are articulated clearly. 4. Powers and limitations: The agreement defines the powers and authority granted to the trustee. This may include powers to invest, manage, and sell trust assets, make distributions to beneficiaries, and hire professional advisors. Any limitations on these powers may also be set forth. 5. Distribution provisions: The trust agreement outlines the rules for distributing assets to beneficiaries. It may specify certain conditions or criteria that must be met for distributions to occur, such as reaching a certain age or achieving specific milestones. The agreement may also establish instructions for any remaining assets upon the termination of the trust. 6. Trust duration: The agreement specifies the duration of the trust, which can be for a fixed term or continue for the lifetime of the beneficiaries. Additionally, it may outline provisions for terminating or modifying the trust under certain circumstances. Different types of Tennessee General Form of Inter Vivos Irrevocable Trust Agreements may be created to cater to specific purposes, such as: 1. Charitable Remainder Trust (CRT): A CRT is designed to provide an income stream to beneficiaries for a specified period, with the remainder passing to a charitable organization. 2. Special Needs Trust (SET): An SET enables individuals with disabilities to receive assets without affecting their eligibility for government benefits, as the trustee manages the funds for their benefit. 3. Irrevocable Life Insurance Trust (IIT): This trust allows the settler to exclude life insurance proceeds from their taxable estate, ensuring that the funds are distributed according to their wishes. In conclusion, the Tennessee General Form of Inter Vivos Irrevocable Trust Agreement is a flexible legal document that establishes a trust arrangement to manage assets for various purposes. It outlines the roles and responsibilities of the settler, trustee, and beneficiaries, as well as the objectives and rules governing the trust. Different types of trusts, such as CRTs, Sets, and Slits, can be created using this general form to suit specific estate planning goals.