Irrevocable Living Trust Template

Living Trust Vs Irrevocable Trust

Find out how two types of trusts differ and decide which is more appropriate and beneficial for your current financial standing and your beneficiaries:

1. There are several ways to update a Living Trust - you may amend one or several provisions or revoke the document in its entirety starting from scratch or not setting up a new trust at all. An Irrevocable Living Trust Form, on the contrary, cannot be altered even if the trustor's relationship with the trustee and beneficiaries has deteriorated.
2. A Living Trust does not offer substantial tax benefits to the trustor while an Irrevocable Living Trust shields assets, including real estate, from taxes - since it basically terminates the trustor's ownership transferring the assets to the trust, the items you listed in the form will no longer be a part of your taxable estate and a separate Irrevocable Living Trust tax return is not needed. Moreover, a document that cannot be revoked safeguards the trustor from risky lawsuits that may lead to a significant loss of assets.
3. Traditionally, the terms "Living Trust Form" and "Revocable Living Trust Form" are interchangeable. If you opted for an Irrevocable Living Trust, ensure the document contains its correct name and definition - otherwise, the clauses of the document may be disputed in the long run.

How to Create an Irrevocable Living Trust?

Whether you hire a professional lawyer to help you with estate planning or you are sure you can create and execute a living trust on your own, here is what you need to do to set up a Living Irrevocable Trust:

1. Identify yourself as the trustor and confirm your intention to hand over the ownership of various items to a trustee setting up a trust.
2. Name the trustee - the individual who will bear the responsibility of administering the trust . Usually, this duty falls on the trustor's relative or close friend - someone whose integrity and honesty they can rely on. Alternatively, you may appoint two or more trustees if you think a group of people would manage your assets better.
3. List the assets you are putting into the trust . Any items you own can be recorded in writing - of course, the main purpose of the trust is to protect real estate, insurance benefits, vehicles, jewelry, stock, and money in bank accounts. There are no limitations on the total value of the items so ensure you cover everything that costs considerable money.
4. Indicate the names of beneficiaries - people entitled to receive the assets described in the form . You are free to leave your belongings to anyone, not only your close relatives.
5. Elaborate on how and when the assets should be distributed . For instance, once your children who are underage at the time of signing come of age, they may receive the majority of the assets unavailable to them until that moment.
6. Sign the Irrevocable Living Trust Form and formalize it by going to a notary public or finding two witnesses who will verify your true intention to create a trust . When the papers are signed, the trustee can open a bank account for the funds that constitute a trust or prepare a deed that transfers the real estate ownership to the trust.

Still looking for a particular template? Take a look at the related templates below:

• Survivorship Deed Form;
• Life Estate Deed Form;
• Affidavit of Death Form.