Living Trust

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Living Trust

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.

living trust

n. sometimes called an "inter vivos" (Latin for "within one's life") trust, a trust created by a declaration of trust executed by the trustor or trustors (also called settlor or settlors) during his/her/their lifetime, as distinguished from a "testamentary trust" which is created by a will and only comes into force upon the death of the person who wrote the will. A living trust should not be confused with a "living will" which provides for medical care decisions when a person is terminally ill. While a living trust is a generic name for any trust which comes into existence during the lifetime of the person or persons creating the trust, most commonly it is a trust in which the trustor(s) or settlor(s) receive benefit(s) from the profits of the trust during their lifetimes, followed by a distribution upon the death of the last trustor (settlor) to die, or the trust continues on for the benefit of others (such as the next generation) with profits distributed to them. There are other types of living trusts including irrevocable trust, insurance trust, charitable remainder trust and some specialized trusts to manage some parts of the assets of a person or persons. (See: inter vivos, living will, trust, trustor, settlor, trustee, beneficiary, charitable remainder trust)

References in periodicals archive ?
on December 7, 2001, six years later, the Texas probate court entered its final judgment (a jury verdict that was amended twice) finding that the will and revocable living trust of J.
In a revocable living trust you must name yourself as the grantor and also as the trustee to manage your property; You need to also name a successor trustee to take over after you become incapacitated or die.
THE TERM LIVING TRUSTMEANS A revocable living trust.
With a self-administered revocable living trust, it's very important to designate a successor trustee in the event of death or incapacitation.
Marion E Copping Revocable Living Trust, to Hardwick Claudia; 1585 Copping St, Eugene 97404; $225,000.
The CBA has not taken a position on whether the transfer of an interest in an accountancy practice to a revocable living trust will jeopardize its qualification as a public accountancy firm.
In letter ruling 200104005, a husband and wife established a revocable living trust and transferred most of their assets to it, including their principal residence.
transfer real estate into, or out of, a revocable living trust
The class lasted about an hour in length and covered an introduction to planning an estate that included what an estate actually is, what kind of assets can comprise an estate, what happens if one has no plan for their estate, different types of plans, the difference between a last will and testament and a revocable living trust, how to protect oneself in case of capacity with a durable power of attorney, how to plan ahead for difficult medical decisions with advance directives including a healthcare power of attorney and a living will, how estate taxes work, the mistakes most people make in planning, and a checklist of items to considering when making or updating a plan.
Art & Kelli Leask Revocable Living Trust, 6848 C St.
In the case at issue, the decedent had created a revocable living trust in 1991.
According to Anderson, a revocable living trust can save fees in the probate process.