How to Give to an Irrevocable Trust
Through the use of a trust fund, you can control the distribution of your assets. A trust manages and distributes your assets according to the design of your trust document. If you believe your heirs may be charged inheritance taxes because of the size of your estate, consider making your trust fund an irrevocable trust. When you give assets to an irrevocable trust, the Internal Revenue Service considers the transfer a completed gift. The gifted assets are no longer your property and cannot be charged inheritance taxes.
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Instructions
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Visit a bank, a trust company, or an estate planning attorney to write up a trust document and open your irrevocable trust fund.
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Decide on the conditions of your trust fund and list them on the trust document. This includes the recipients of the trust fund, the timeline of trust distributions and the investment strategy of the trust assets.
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Select a trustee to manage the trust account. The trustee is in charge of managing the trust investments and distributing the plan assets to the recipients, per your trust document instructions. The trustee is usually a trust company or bank, but it can be any legal adult.
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Make a list of all the assets you want to give to your irrevocable trust. Show this list to the representative or lawyer creating your trust so he can create the appropriate accounts for the trust. He will also explain the process of transferring assets to the trust.
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Transfer cash directly to the trust's bank account through a check or money transfer.
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Contact the brokerage company managing your investments and let them know which investments you want transferred to the trust. Fill out the required company paperwork to transfer investments to your trust.
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Prepare a quitclaim deed with an attorney to transfer the title of all real estate, cars and other real property to your trust fund. Record the change of title with your county court clerk or your county recorder's office.
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Tips & Warnings
Once you make a gift to an irrevocable trust, you cannot take it back. Make sure you no longer need an asset before giving it to your trust fund.
