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Difference between revisions of "Living Trust"

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(Created page with '<div type="article"><p><i>A property right, held by one party for the benefit of another, that becomes effective during the lifetime</i></p> <p></p> <p><i>of the creator and is, ...')
 
 
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<div type="article"><p><i>A property right, held by one party for the benefit of another, that becomes effective during the lifetime</i></p>
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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.
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<p><i>of the creator and is, therefore, in existence upon his or her death.</i></p>
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A living trust, also known as an <i>inter vivos trust</i>, is different from a <i>testamentary trust</i>, which is created by will and does not take effect until the death of the settlor.
<p>A living trust, also known as an <i>inter vivos trust</i>, is different from a <i>testamentary trust</i>, which is created by will and does not take effect until the death of the settlor.</p>
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== Overview ==
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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. <ref>http://estate.findlaw.com/estate-planning/trusts/trusts-overview.html</ref>
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This type of trust avoids probate when all of the assets are transferred prior to death. It can be either "revocable" or "irrevocable".<ref>http://estate.findlaw.com/estate-planning/trusts/trusts-overview.html</ref>
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== References ==
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<references />
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== External Links ==
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* [http://answers.usa.gov/cgi-bin/gsa_ict.cfg/php/enduser/std_adp.php?p_faqid=7230 Living Will and Living Trust] (USA.gov)
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* [http://www.calbar.ca.gov/Public/Pamphlets/LivingTrust.aspx Do I Need a Living Trust?] (Calbar.ca.gov)
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* [http://www.ftc.gov/bcp/edu/pubs/consumer/products/pro08.shtm Living Trust Offers: How to Make Sure They're Trustworthy] (FTC.gov)
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== Related Resources on FindLaw ==
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* [http://estate.findlaw.com/estate-planning/trusts/trusts-overview.html Trusts: An Overview]
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* [http://estate.findlaw.com/probate/probate-overview/avoiding-probate.html How to Avoid Probate]
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* [http://estate.findlaw.com/estate-planning/trusts/need-lawyer-for-living-trust.html Do I Need to Hire a Living Trust Lawyer?]
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== Related Blogs on FindLaw ==
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<rss>http://search.yahooapis.com/WebSearchService/rss/webSearch.xml?appid=yahoosearchwebrss&query=living+trust%20site:blogs.findlaw.com|max=5</rss> <br> <!-- Begin Yahoo Web Services HTML Attribution Snippet -->&nbsp;&nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; [http://www.developer.yahoo.com Web Services by Yahoo!] <!-- End Yahoo Web Services HTML Attribution Snippet -->
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== See Also ==
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* [[Trust]]
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* [[Probate]]
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* [[Estate and Gift Taxes]]
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* [[Testamentary]]
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[[Category:Legal Term]]
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[[Category:Wills, Trusts, and Estates]]

Latest revision as of 10:20, 1 September 2010

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

External Links

Related Resources on FindLaw

Related Blogs on FindLaw

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See Also

Contributors

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