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Irrevocable Living Trust

An irrevocable living trust is a legal arrangement that holds assets for the benefit of beneficiaries during the lifetime of the trust’s creator. This type of trust cannot be altered or revoked once established, providing a secure way to manage and distribute assets.

Key Features of an Irrevocable Living Trust

Irrevocable living trusts offer several benefits and features that make them a valuable estate planning tool:

  • Asset Protection: Assets placed in an irrevocable trust are shielded from creditors and legal claims.
  • Probate Avoidance: Assets held in the trust avoid the lengthy and public probate process.
  • Tax Efficiency: Trust assets may be subject to favorable tax treatment, reducing tax liabilities for beneficiaries.

Creating an Irrevocable Living Trust

Establishing an irrevocable living trust involves drafting a trust document that outlines the terms and conditions of the trust, appointing a trustee to manage the trust assets, and transferring ownership of assets into the trust.

FAQs

A revocable trust can be changed or revoked by the trust creator during their lifetime, while an irrevocable trust cannot be altered once established.

An irrevocable trust can offer asset protection, reduce estate taxes, and provide privacy in the distribution of assets.

Irrevocable trusts are typically permanent, but in certain circumstances, court approval may allow modifications or termination.

Consult with Wright Street Lawyers

For client-focused legal guidance on establishing an irrevocable living trust or any other estate planning matters, contact Wright Street Lawyers in Adelaide, South Australia. Our experienced team specialises in family law, estate planning, probate, and criminal defense, providing tailored solutions to meet your unique needs.

Ensure the protection and efficient distribution of your assets with the help of Wright Street Lawyers. Schedule a consultation today.

Contact us at 08 1234 5678 or email info@wrightstreetlawyers.com.au.