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Living Trust

From lawbrain.com

A living trust is a property right, held by one party for the benefit of another, that becomes effective during the lifetime of the creator and is, therefore, in existence upon his or her death.

A living trust, also known as an inter vivos trust, is different from a testamentary trust, which is created by will and does not take effect until the death of the settlor.

Contents

Overview

A living trust generally begins during the life of the grantor, and may be written in such a way that it continues after the grantor's death. [1]

This type of trust avoids probate when all of the assets are transferred prior to death. It can be either "revocable" or "irrevocable".[2]

References

  1. http://estate.findlaw.com/estate-planning/trusts/trusts-overview.html
  2. http://estate.findlaw.com/estate-planning/trusts/trusts-overview.html

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