Private Irrevocable Trust Documents

A private, irrevocable trust is a legal instrument used to transfer assets to a trust that is managed by a trustee, for the benefit of named beneficiaries. The benefits of a private, irrevocable trust include:

Asset Protection: A private, irrevocable trust can provide protection of assets from creditors, lawsuits, and bankruptcy. This is because the assets are no longer owned by the individual who created the trust, but are instead owned by the trust itself.

Estate Planning: A private, irrevocable trust can be an effective estate planning tool. The trust can be set up to distribute assets to beneficiaries upon the creator’s death, without the need for probate, which can be a lengthy and costly process. This can help ensure that assets are distributed according to the creator’s wishes and can also help minimize estate taxes.

Control: A private, irrevocable trust allows the creator to maintain a level of control over the assets in the trust, even after they have been transferred. The creator can designate a trustee to manage the assets and can provide detailed instructions on how the assets should be distributed to beneficiaries.

Privacy: A private, irrevocable trust is not subject to public record-keeping requirements, which can help maintain the privacy of the creator and beneficiaries.

Flexibility: A private, irrevocable trust can be structured to meet the specific needs and goals of the creator. For example, the creator can set up a trust to provide ongoing support for a beneficiary with special needs, or to fund educational expenses for grandchildren.

Avoidance of Probate: A private, irrevocable trust can be designed to avoid probate, which is the legal process used to transfer assets upon the creator’s death. This can help reduce the time and expense associated with the probate process

Assets like furniture, computers, vehicles, real estate can all be held in trust, thereby protecting them from capture. Intangible assets such as contracts and agreements (like those forming a private membership association, or the membership agreements that are the property of the association) can also be held in trust, with a Trustee acting as the protector of those assets.

Includes documents for the establishment of two private, irrevocable trusts.