living trust
Revocable inheritance arrangement
A living trust is a legal arrangement created during a person's lifetime to hold and manage assets, typically to avoid probate after death.
Unlike a will, which takes effect only upon death, a living trust operates immediately: She transferred the house into a living trust.
The person creating it often serves as trustee while alive, with a successor named to take over.
- grantorOne who transfers rights
- trusteeOne managing another's assets
- settlorTrust's founding party
- beneficiaryDesignated asset receiver
- pour-over willWill funding a trust
fiduciary duty · peace of mind · privacy protection · succession planning · real estate holdings · bank accounts · property transfer · tax efficiency · estate · provisions · control · family home · death · wealth · transfer · amendment · documents · successor
- estate planningexecutor, beneficiary, will, probate, trustee
- inheritanceinheritance, inheritances, heir, heirs, heiress
- Wealth & Inheritanceestate, inheritance, will, bequest, beneficiary
- asset protectionLLC, insurance, prenup, umbrella policy, liability protection
- estate paperslast will, testament, codicil, letters testamentary, death certificate
- probateexecutor, probate court, probate, beneficiary, executors