Irrevocable Trust Lawyer
Revocable living trusts and irrevocable trusts are two of the most popular kinds of trust. To reduce or avoid high taxes and protect your assets to the fullest extent possible, a trust lawyer might recommend having an irrevocable trust. At one time, these trusts were a go-to choice for wealthy people; however, today, they can be used by anyone with assets.
Mastering the art of drafting an irrevocable trust is very time consuming, and if there are any errors, they could cause problems in the future. This is why it is important to have an experienced trust lawyer to guide you through the process.
What is an Irrevocable Trust?
An irrevocable trust is a trust that is created by a grantor or settler. Once finalized, the trust becomes final and cannot be revoked for any reason. The assets contained in the trust must remain there. In other words, an irrevocable trust is a permanent trust. Creditors cannot come after the assets held in an irrevocable trust and the grantor cannot take them out during their lifetime.
Drafting an Irrevocable Trust
The grantor will be responsible for bringing the trust into existence, and they will have to sign it before it becomes official. The grantor must also nominate a trustee who will have a duty of overseeing the trust and its terms.
The Benefits of an Irrevocable Trust
A trust lawyer might tell you that irrevocable trusts have a lot of benefits, including:
- Nearly any asset can be placed in the trust
- The trust protects the grantor and beneficiaries from creditors, divorce, or legal issues
- The assets can be kept in the family forever
- Some or all of the death taxes can be eliminated
Types of Irrevocable Trusts
There is not only one type of irrevocable trust. Rather, these trusts come in many shapes and sizes. Just about any situation could benefit from an irrevocable trust. Below are a sampling of irrevocable trusts that most experienced trust lawyers have handled:
- Grantor trust
- Disclaimer trust
- Irrevocable life insurance trust
- Spousal lifetime access trust
- Dynasty trust
- Marital Trust
- AB Trust
- Pet Trust
- Bypass Trust
- Education Trust
- Qualified Personal Residence Trust
- Charitable Remainder Annuity Trust
- Credit Shelter Trust
- Qualified Domestic Trust
- Credit Shelter Trust
Talk with a Trust Lawyer
In general, you will require the help of a lawyer, like a wills and trusts lawyer from the Yee Law Group, to draft an irrevocable trust. Most trusts will also allocate funds to the trustee for the ability to hire a lawyer who can offer advice, counsel, and representation. Whether you are a person wishing to draft a trust, or the trustee of a trust, it may be in your best interest to call a reputable law firm to speak with a trust lawyer.