Free Printable Trust Forms PDF & Word

Revocable trusts are also known as living trusts. A revocable trust allows the transfer of assets without probate, yet they allow you to retain control of the assets during your lifetime. A revocable trust is flexible and can be dissolved at any time. A revocable trust typically becomes irrevocable when the grantor dies.

Irrevocable Trusts

Irrevocable trusts typically transfer assets out of your estate and often avoid estate taxes and probate. An irrevocable trust cannot be changed by the grantor after it has been executed. Once you execute an irrevocable trust, you lose control of the assets and cannot change any terms or decide to dissolve the trust.

Joint Trusts

Joint trusts are typically set up by a married couple. Unless specified in the trust agreement, a joint trust is revocable. Some agreements state that the trust can be revoked only by the consent of both spouses. This is a legal protection to cover both spouses in the event of a divorce. Grandparents often execute joint trusts to benefit their grandchildren. Often upon the death of both grandparents, the remainder of the trust is either given to the grandchildren if they are of age or remains in the trust until the grandchildren reach the age specified in the trust agreement.

Common Questions About Trusts

Can a Living Trust Be Revocable?

Absolutely. While most living trusts are revocable, you can set one up to be irrevocable. The most common reason for creating an irrevocable living trust is to avoid or reduce taxes. The most common types of irrevocable trusts set up to avoid or reduce taxes are the Bypass Trust, QTIP trust, QDOT trust, charitable trust, generation-skipping trust, life insurance trust, and various types of trusts that are considered grantor-retained interest. In addition to trusts created to avoid or reduce taxes, the most common types of trusts are the Spendthrift Trust and Special Needs Trust.

Can a Revocable Trust Be Changed?

Yes, a revocable trust can be changed. It can be changed, converted to an irrevocable trust, or outright discontinued but only by the original grantor(s) of the trust. Once the original grantor dies, no one can change, modify, or terminate the trust. If at all possible, trusts should be joint so one grantor still has control in the event that the other grantor passes away. if you decide to set up a joint trust, be sure that it remains revocable by the surviving grantor. If the trust becomes irrevocable after the first death, then the surviving grantor will not be able to change the trust in any way.

Can You Have Both a Will and a Living Trust?

Yes, you can absolutely have a will and a living trust. They are two totally different legal documents. The will outlines how your estate should be distributed after your death. When setting up both, pay special attention to any overlap concerning assets placed in the trust. The living trust becomes effective immediately upon signing. The will doesn’t come into play until after you die.

Is a Living Trust Better Than a Will?

A living trust and a will are two totally different legal documents. Legally, neither document is superior to the other. There are distinct advantages to setting up a living trust, the most notable being the distribution of assets after your death. The will must normally go through probate, which is a lengthy legal process. Assets can’t legally be distributed to the beneficiaries until probate closes. Assets held by the trust can be given directly to the beneficiaries without going through probate. If you have a large estate, we highly recommend consulting with a competent attorney who specializes in estate planning and taxation.

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