Delaware Living Trust Forms
Download this Delaware living trust allowing a person to transfer his or her property to another entity to be held for the benefit of his or her beneficiaries. The person transferring the property is called the grantor. The persons receiving the property from the trust are called the beneficiaries and the person who administers the trust is called the trustee. The grantor can choose a trusted person to manage the trust according to its provisions. The trust can be written to allow distribution of the funds to the beneficiaries at certain time, i.e when they reach a certain age, or for different purposes, i.e. health, education. The trustee must follow the provisions set forth in the will and has a fiduciary obligation to the beneficiaries of the trust.
Revocable vs. Irrevocable: A revocable trust can be revoked or changed during the life of the grantor and becomes irrevocable upon the death of the grantor. An irrevocable trust is not meant to be changed or revoked during the life of the grantor.