I’m a big fan of Irrevocable Trusts… in the right cases and for the right clients. When it comes to Trusts I can tell you from my professional experience that one size doesn’t fit all and this is why you should seek competent legal counsel prior to putting a Trust together.
Assets are a funny thing. There will always be people who want to get their hands on those assets through any means possible. Assets easily flow in and out of Revocable Trusts requiring little more than paperwork and signatures. When you place an asset into an Irrevocable Trust that asset is now owned by the Trust until the actual distribution happens under the terms of that Trust! There are provisions that allow the grantor of the Trust to appeal to the trustee or the trustee protector and attempt to amend the document and this typically happens in cases where the beneficiary cannot handle their own affairs. This can happen after such things as a serious health issue or even something like a severe alcohol or drug problem. What may happen then is that the terms of the Trust are changed to protect the best interest of whoever is the named beneficiary.
Irrevocable Trusts typically have strong independent third party trustee professionals to safeguard the integrity of the Trust. In fact, several states require the trustee be independent in order to amend a Trust because of the risk to the beneficiary and the potential erosion of their rights. The trustee doesn’t have to agree to the amendment if it would change part of the material purposes of the Trust.
Trust formation and creation is clients specific and one size does not fit all. For this reason and many others you need an experienced professional to help you evaluate your needs and then create a plan to accomplish that goal. The Professionals at Quinton Miller Law have the experience and expertise you should demand when it comes to your Trust requirements. We know the questions to ask and will help you accomplish the goals you seek. Call our office at 916-714-1717 or ask visit us at www.quintonlaw.com We Can Help!