Morris Law Group

When it comes to funding an Irrevocable Living Trust, don't be confused because the trust is "irrevocable" instead of "revocable" - Irrevocable Living Trusts are funded in exactly the same way as Revocable Living Trusts. The difference is that you have to be careful about what you fund into an Irrevocable Living Trust because you'll be giving up ownership of and control over the funded property.

• Current Title: “William Sample"
• New Title: “Jane Sample, Trustee, or her successors in trust, under the William Sample Irrevocable Trust, dated January 1, 2009.”

• Current Title: “William Sample”
• Assignment Language: "I, William Sample, hereby assign all of my right, title and interest in and to that certain Promissory Note dated January 31, 2008 in the principal amount of $40,000 by and between William Sample as lender and John Smith as borrower, to Jane Sample, Trustee, or her successors in trust, under the William Sample Irrevocable Trust, dated January 1, 2009."
• New Title: “Jane Sample, Trustee, or her successors in trust, under the William Sample Irrevocable Trust, dated January 1, 2009.”

Change of Beneficiary
For assets such as life insurance; retirement accounts, including IRAs, 401(k)s and 403(b)s; certain pension benefits; and Health Savings Accounts (HSAs) and Medical Savings Accounts (MSAs), these assets aren't actually retitled into the name of an Irrevocable Living Trust. Instead, the primary and/or secondary beneficiaries of these types of assets are changed to the trust:

• Current beneficiary: “Jane Sample”
• New beneficiary: “Jane Sample, Trustee, or her successors in trust, under the William Sample Irrevocable Trust, dated January 1, 2009.”