For most people, a revocable - as opposed to an irrevocable - trust is the better option. Irrevocable trusts will require paying an experienced attorney to cover all of the slippery legal issues.
If you would like to create the more common revocable living trust, we've got a few options to help you save on legal fees. Choose from professional digital forms, find a local estate planning attorney to draft the document, and see a free boilerplate form for reference. Also see the article Irrevocable Living Trusts on Nolo.com.
These estate planning products, provided by Nolo, can create a living trust that is legally valid in your state, customizable to suit your needs, professionally written, and regularly updated by expert attorneys. Use these to create a legal, enforceable trust document.
The form below is a very basic one, using boilerplate language, and is intended for educational purposes only. It has not been vetted by an expert, or updated. It may not be legally valid.
IRREVOCABLE TRUST AGREEMENT
This Irrevocable Trust Agreement is made this ______ day of ____________, 20__, between __________________________, whose address is ___________________________________, (Grantor) and ___________________, whose address is _________________________________, (Trustee).
In consideration of the mutual covenants and promises set forth herein, Grantor and Trustee agree as follows:
Transfer of Trust. Grantor herewith assigns, transfers, and conveys to Trustee the property described in Attachment "A" attached hereto and made a part hereof by this reference, and receipt of such property is hereby acknowledged by Trustee. Such property, hereafter designated the Trust Estate, shall be held by Trustee in Trust for the uses and purposes and on the terms and conditions set forth herein.
Disposition of Principal and Income. Trustee shall administer and manage the Trust Estate, collect the income therefrom, and, after payment of all taxes and assessments thereon and all charges incident to the management thereof, apply and dispose of the net income and the
principal of the Trust Estate in the following manner:
Additions to Trust. Grantor and any other person shall have the right at any time to add property acceptable to Trustee to the this Trust. Such property, when received and accepted by Trustee, shall become part of the Trust Estate.
Irrevocability of Trust. This trust shall be irrevocable and shall not be amended, altered, revoked or terminated by Grantor or any other person.
Compensation of Trustee. The original Trustee hereunder, and all Successor Trustees, shall be entitled to reasonable compensation for their services as Trustee.
Successor Trustees: If ______________________ resigns as Trustee or is unable to continue to act as Trustee, then _______________________________, whose address is _________________________________________________, is hereby appointed as Successor Trustee.
Governing Laws: The validity, construction, and effect of this agreement and the Trust created hereunder and its enforcement shall be determined by the laws of the State of _________________.
In Witness Whereof, Grantor and Trustee have executed this Agreement on the date first written above.
The foregoing instrument was acknowledged before me this _____ day of ____________, 20__ by _____________________________________ and by ____________________________________.
_____________________________________ My commission expires: Notary Public
The following property is conveyed by this trust agreement.
If an irrevocable trust is what you need, enter your zip code below to find an consult with local estate planning attorneys to get an idea of the costs.