A trust agreement is a legal document used to transfer ownership of property from one person to another. Trust agreements can be of two types: Irrevocable trust and revocable trust. The former allows you to permanently transfer the ownership of particular assets owned by you. The latter can be used to protect your assets from creditors and also helps to avoid some other taxes or the probate process when you die. Thus, this option permits you to transfer your property with the option to end or change the trust according to your wish.
However, since you can modify the trust, you don’t get the equal probate benefits, protection from creditors or tax benefits. Hence while making a trust agreement, make an assessment of your options and then select the kind of agreement that suits your requirements. Mention the list of assets you want to include in the trust agreement and mention the name of the person you want to be your trustee.
Sample Trust Agreement
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