Legal Question in Wills and Trusts in Pennsylvania
how to set up a irrevocable trust...need the forms and advise to set up the trust
2 Answers from Attorneys
Not everyone needs such a trust, and anyone who does should definitely not use "forms". You should consult with experienced estate planning lawyers to help you determine your goals and, if it will be in the best interest of your furthering your goals, to write the documents, supervise your signing them, and make sure that assets are transferred to the trust to effect their purpose.
This response is not legal advice, since I do not have all of the information that would be required, and I do not have a representation agreement with you.
* If the answers to your question confirm that you have a valid issue or worthwhile claim, your next step should almost always be to establish a dialog with a lawyer who can provide specific advice to you. Contact a lawyer in your county or township.
* Another reason for contacting a lawyer is that it is often impossible to give a good answer in the Internet Q&A format without having more information. The unique circumstances of your situation and things that you may not have thought to mention in your question may completely change the answer. If you want to be sure that you have a complete answer to your question and an understanding of what that answer means, establish a connection with a lawyer who practices in the area of your concern.
There are no forms for something like this. An irrevocable trust means that once you set it up it cannot be changed. Is this really what you want to do? Are you sure that you are not referring to a revocable living trust?
How much in assets do you have? Over $1 million? Its a question of pay now or pay later. Probate is not that much of a hassle especially if you do not have assets that justify the expense at this time. Trusts can cost $1000 or more. If a trust is really what you want, then pay an estate planning lawyer to draft it for you. It will be well worth the aggravation later if this is not done right. Remember, you have to convey assets to the trust and put things in the name of the trust like cars, land and anything that has a title to it. Most people forget.
If you insist on doing it yourself, go to the local law library and get a form book or try Legal Zoom or www.nolo.com. In fact, Nolo has some good easy to read articles about trusts and you should read these articles first before you do anything.