Loading...Download this Hawaii Irrevocable Living Trust form which provides flexibility to a person who wants to have specific instructions as to how and when his or her assets will be distributed. In order to do this, the grantor creates a separate entity called a trust, which is administered by the grantor’s chosen trustee. The trustee is obligated to perform all tasks under the trust for the benefit of the specified beneficiaries. The grantor provides instructions as to his or her desired payout scenarios. For instance, a grantor might think it best for the beneficiaries to reach a certain age before they receive funds. Or a grantor might want the funds to be spent on certain things only, such as health and education expenses.
An irrevocable trust, unlike a revocale trust, is a trust that is not meant to be changed or revoked during the grantor’s lifetime. If created properly, placing assets in an irrevocable trust can have the effect of removing them from a grantor’s taxable estate. An attorney should be consulted in order to make sure the trust is created and executed properly to accomplish this goal.