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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.
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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
- ↑ http://estate.findlaw.com/estate-planning/trusts/trusts-overview.html
- ↑ http://estate.findlaw.com/estate-planning/trusts/trusts-overview.html
External Links
- Living Will and Living Trust (USA.gov)
- Do I Need a Living Trust? (Calbar.ca.gov)
- Living Trust Offers: How to Make Sure They're Trustworthy (FTC.gov)
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