Revocable Trust For Single Individual: Separate Share Trusts For Children

This legal template is designed for the creation of a revocable trust specifically tailored for a single individual and the establishment of separate share trusts for their children. A revocable trust, also known as a living trust, is a legal entity that allows an individual (known as the grantor or settlor) to transfer their assets into a trust during their lifetime, while still maintaining control and the ability to modify or revoke the trust.

This specific template caters to single individuals who wish to create a trust for the purpose of distributing their assets to their children or other beneficiaries in a structured and controlled manner. The unique feature of this template is the establishment of separate share trusts for each child, ensuring the assets are protected and allocated appropriately according to the grantor's wishes.

The revocable trust for a single individual allows the grantor to maintain control over their assets while alive, avoiding probate and minimizing potential estate taxes. It also provides flexibility in managing the trust's assets, allowing the grantor to transfer or sell assets as needed throughout their lifetime. Upon the grantor's death, the trust becomes irrevocable, so the provisions within the trust become binding and dictate the distribution of the assets to the separate share trusts for each child.

The separate share trusts for children serve as individual trusts within the revocable trust, each specifically designated for a particular child. These trusts can be customized to meet the unique needs and circumstances of each child, taking into consideration factors such as their age, financial maturity, and specific needs or goals. By creating separate share trusts, the grantor can ensure that each child's inheritance is protected and managed separately, and that the assets are distributed according to their intentions.

Overall, this legal template provides a comprehensive framework for single individuals to establish a revocable trust to manage and distribute their assets during and after their lifetime, while incorporating separate share trusts to protect and allocate assets specifically for their children.