When it comes to asset protection, few vehicles are as effective and comprehensive as irrevocable trusts. In fact, when you work with Dominion to safeguard your assets and your wealth, we almost always set up our clients with an irrevocable trust. These instruments are airtight and legally impenetrable when drafted properly.
But how do you set up an irrevocable trust? Today, let’s take a look at this process step-by-step, though we’ll dive into the details even further when you contact one of our representatives.
In a nutshell, an irrevocable trust is an “unchangeable” trust vehicle that provides greater security for those who use one compared to standard or revocable trusts.
With a normal trust, if you ever want to change something about your trust vehicle, like the beneficiary list, trustee, etc., you can do so by making modifications to the trust documents. You can’t do that with an irrevocable trust.
Instead, you can only change an irrevocable trust under very limited circumstances, such as you and all the beneficiaries agreeing a change is necessary and petitioning the relevant court to modify the documents.
In most cases, however, irrevocable trusts are truly unchangeable, so a court or creditor can’t legally compel you to modify the vehicle and access your assets within.
That’s why we use offshore irrevocable trusts at Dominion for each of our clients. So long as you draft your irrevocable documents wisely, your assets will be safe from practically anything you can imagine.
Irrevocable trusts are the steel vaults buried in dozens of meters of concrete of the asset protection world – they're the best asset protection your money can buy.
Of course, what constitutes a good irrevocable trust for one person may not necessarily constitute an excellent irrevocable trust for you. And let’s face it, an irrevocable trust designed to protect grandma’s cherished antique collection isn’t going to cut it for a tech mogul juggling a diverse array of assets.
That’s why we’re seeing more and more of these trusts include provisions for digital assets like cryptocurrencies and NFTs – a far cry from the traditional stocks and bonds.
And these trusts aren’t just short-term solutions anymore. Many are designed to last well over a century, evolving right alongside the families they serve. So, whether you’re a farmer passing down the family land or a crypto enthusiast with a digital fortune, your irrevocable trust needs to be as unique as you are.
To that end, the step-by-step process for setting up an irrevocable trust looks similar from person to person, but each time we set up a new offer trust for one of our clients, there are subtle differences.
First and foremost, you’ll need to find an attorney and legal team you can work with for a long time to come.
Whenever you set up an irrevocable trust, that vehicle will be used by you and your beneficiaries for quite a while. So it pays to partner with the ideal legal team that has the knowledge and insight you need to succeed.
That’s where Dominion comes in. We have all the infrastructure necessary to create and maintain highly defensible, offshore irrevocable trusts for you and your estate for several decades into the future.
We have lawyers, financial advisors, analysts, and even dedicated trustees that many of our other clients rely on to manage and administrate their trustees with maximum security.
Take your time finding the right legal team for your trust setup. You already have enough money to pay for premium assistance. Don't skimp on this and go for the budget-friendly option. As the saying goes, you get what you pay for!