Riverside California Living Trust - Irrevocable

State:
Multi-State
County:
Riverside
Control #:
US-00556-A
Format:
Word; 
Rich Text
Instant download

Description

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:

  • A revocable trust allows the grantor to preserve control over their property and make changes to the document terms when required. Creating a living trust of this type is also a way to avoid the probate process after the owner dies and keep privacy over terms of distribution.
  • An irrevocable trust can help reduce estate taxes (however, it’s better to consult a lawyer on that). It also protects the parties from creditors, so it can be a good option for those whose profession has a higher risk of lawsuits.
  • Types of irrevocable trusts

    There are several irrevocable trust examples:

    1. Irrevocable life insurance trusts;
    2. Charitable trusts;
    3. Lifetime gifting trusts (including the grantor-retained annuity, spousal lifetime access, and qualified personal residence trusts);
    4. Testament trust created after the grantor’s death.
    5. 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:

    6. Personal details of the parties involved (grantor, beneficiary, trustee, and successor trustee);
    7. Description of the transferred property items.

    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.

    Free preview
    • Form preview
    • Form preview
    • Form preview
    • Form preview
    • Form preview
    • Form preview
    • Form preview
    • Form preview
    • Form preview
    • Form preview
    • Form preview

    How to fill out Riverside California Living Trust - Irrevocable?

    Preparing legal documentation can be cumbersome. In addition, if you decide to ask a lawyer to write a commercial contract, documents for ownership transfer, pre-marital agreement, divorce papers, or the Riverside Living Trust - Irrevocable, it may cost you a lot of money. So what is the best way to save time and money and draft legitimate forms in total compliance with your state and local laws? US Legal Forms is an excellent solution, whether you're searching for templates for your personal or business needs.

    US Legal Forms is biggest online library of state-specific legal documents, providing users with the up-to-date and professionally checked templates for any scenario gathered all in one place. Consequently, if you need the current version of the Riverside Living Trust - Irrevocable, you can easily locate it on our platform. Obtaining the papers takes a minimum of time. Those who already have an account should check their subscription to be valid, log in, and select the sample with the Download button. If you haven't subscribed yet, here's how you can get the Riverside Living Trust - Irrevocable:

    1. Look through the page and verify there is a sample for your region.
    2. Check the form description and use the Preview option, if available, to make sure it's the template you need.
    3. Don't worry if the form doesn't satisfy your requirements - search for the right one in the header.
    4. Click Buy Now once you find the required sample and choose the best suitable subscription.
    5. Log in or register for an account to pay for your subscription.
    6. Make a transaction with a credit card or via PayPal.
    7. Choose the document format for your Riverside Living Trust - Irrevocable and download it.

    When done, you can print it out and complete it on paper or upload the template to an online editor for a faster and more practical fill-out. US Legal Forms enables you to use all the documents ever acquired many times - you can find your templates in the My Forms tab in your profile. Try it out now!

    Trusted and secure by over 3 million people of the world’s leading companies

    Riverside California Living Trust - Irrevocable