The beneficiaries are the individuals or charities who will ultimately receive the assets in the trust. The main purpose of an irrevocable trust is to protect the assets in the trust for the beneficiary. After the trust agreement has been signed, the grantor will move assets into the trust. A...
The agreement plays an important role in the purchase and sale of real estate, as well as in the repayment of mortgages.Definition: irrevocable promise to pay When purchasing real estate, an irrevocable promise to pay is binding proof that someone will pay for a property or that the pur...
Understanding Irrevocable Income-Only Trust (IIOT) The trust agreement should describe the trust name, trust property, appointment oftrustee, appointment of trust protector, power over trust property, when beneficiaries may appoint a successor trust protector, fees and expenses due to the trust protect...
North Coast Financial is a California direct lender specializing in providing trust loans to beneficiaries and trustees.The trust must own California real estate to serve as collateral for the loan.Loans can be made to both revocable (family/living) and irrevocable trusts. A California trust loan ...