Legal Question in Wills and Trusts in Vermont
non revocable trusts
After checking out what is necessary to do, it appears that a person can easily do a non revocable trust for herself. However, none of the stores or places that offer legal forms carry this one. Furthermore, they tell you that it cannot be done except by an attorney. Since I know people who have done it (using forms they obtained from an attorney), and it is not difficult to fulfil the requirements, I find it strange. Please explain.
Thank you,
1 Answer from Attorneys
Re: non revocable trusts
I've written some (and one for an ME resident) but I had a specific tax-avoidance purpose in mind which would not apply to you or your estate.
It's called an "irrevocable trust", by the way.
No, you should not "do" without an attorney for several reasons. 1) You'll make one of the many, many possible mistakes. 2) You ought to have your reasons for doing one reviewed by an attorney to see a) if it's a good idea, and b) if there's a better way to meet the same goals. 3) You should know that if you do make a mistake, or if there is down the road some reason to change what you do, you are not allowed to correct the mistake or change your plans; they are, more or less, permanent. 4) Creating the trust alone would be useless unless you followed through with various funding activities which I'm loathe to spell out right here.
In fact, I can't fathom why you would want to have an irrevocable trust. What are your goals or objectives? Please write me in e-mail at [email protected], okay?
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