Irrevocable Inter Vivos Gift Trust: Trust For Non-Spouse Beneficiary

An Irrevocable Inter Vivos Gift Trust: Trust For Non-Spouse Beneficiary under USA law is a legal template that outlines the creation and terms of a trust established by an individual (referred to as the "grantor" or "settlor") in the United States. This specific trust is designed as an irrevocable inter vivos gift, meaning that it comes into effect during the grantor's lifetime and cannot be changed or revoked once established.

The purpose of this trust is to provide a mechanism for the grantor to transfer assets or property to a specific non-spouse beneficiary (such as a child, relative, friend, or charitable organization). By establishing this trust, the grantor relinquishes ownership and control over the transferred assets, ensuring their completed separation from the grantor's estate.

The legal template typically includes provisions outlining the duties and responsibilities of the trustee, who is appointed by the grantor to manage and administer the trust in accordance with applicable laws and the grantor's instructions. It also defines the rights and entitlements of the non-spouse beneficiary, specifying the conditions and terms under which they can access trust assets or income.

Furthermore, the legal template may incorporate provisions related to tax implications, confidentiality, dispute resolution processes, and directions on how to distribute the remaining assets upon the grantor's death or the fulfillment of specific conditions.

It is essential to note that as this legal template pertains to USA law, it should comply with federal and relevant state laws governing trusts. Additionally, consulting with a qualified legal professional is advisable to ensure the trust document best meets the grantor's objectives and adheres to all necessary legal requirements.