Irrevocable Funeral Trusts

What are Irrevocable Funeral Trusts?

An irrevocable funeral trust is a legal arrangement that allows individuals to set aside funds for their funeral expenses. These trusts are typically established to ensure that there are adequate funds available to cover funeral costs when the time comes.

How Do Irrevocable Funeral Trusts Work?

When setting up an irrevocable funeral trust, the individual (known as the grantor) transfers assets into the trust. These assets are managed by a trustee, who is responsible for administering the trust according to the grantor’s wishes.

Benefits of Irrevocable Funeral Trusts

• Protection of funds for funeral expenses
• Exclusion from certain asset calculations for government benefits
• Ensuring that your funeral wishes are carried out

Frequently Asked Questions

Are Irrevocable Funeral Trusts Legal in South Australia?

Yes, irrevocable funeral trusts are legal in South Australia. These trusts are governed by specific legislation and regulations to ensure their proper execution.

Can I Change or Cancel an Irrevocable Funeral Trust?

As the name suggests, irrevocable funeral trusts are typically not changeable or revocable once established. It is crucial to seek legal advice before setting up such a trust to understand its implications fully.

How Can Wright Street Lawyers Help with Irrevocable Funeral Trusts?

Wright Street Lawyers in Adelaide, South Australia, specialise in estate planning and can provide client-focused legal guidance on setting up irrevocable funeral trusts. Our experienced team can help you navigate the complexities of trust law and ensure that your wishes are legally protected.