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Keywords:
Vivos,
Revocable,
Lifetime,
Testamentary,
Probate
A trust created for the trustor and administered by another party while the...
A living trust is a legal document that allows you to give property and control of your property to a trustee. It is a legal entity - a piece of paper - that is capable of owning property. The trust must contain the following elements: expression of your intent to create a trust; naming your trust beneficiaries; description of the trust property; a valid trust purpose (e.g. to provide for the welfare of your children or grandchildren); and the transfer of property. LegalZoom guides you in preparing all of the documents required to set up your living trust, including all of the transfer deeds required.
Trust instrument made effective during the lifetime of the creator, in contrast to a Testamentary Trust, which is created under a will.
A trust that is created and goes into effect during the lifetime of a grantor.
A trust which is in effect during the life of the settler, rather than upon his death (testamentary trust).
A trust set up to operate during the life (and can continue to operate after the death) of the individual setting up the trust. It can be revocable, or, in other words, the creator of the trust can change his/her mind and have some or all of the trust property returned to him/her during life. An irrevocable trust cannot be changed except in certain legal circumstances.
Trust that is set up during the life of the trustor.
A trust that takes effect while the settlor is still alive.
a legal document which specifies how certain assets are managed and allows the creator to manage them (act as the trustee) during his/her lifetime. If the creator becomes incapacitated, a named successor trustee can take over the trust. This arrangement can be amended, or even terminated, during the creator's lifetime. If the trustee dies, the living trust outlines how assets in the trust should be distributed. However, unlike the process with a will, these assets do not have to go through probate because the trust is considered to be the "owner" of the assets. [See also, trust.
Trust set up and in effect during lifetime of grantor. Also called inter vivos trust. Compare testamentary trust.
A trust created while the donator is living.
An ordinary trust established by a person while living to manage and distribute assets to other living persons.
means of managing your property during your lifetime and disposing of the property after your death without probate. It can be a revocable or an irrevocable trust.
A trust created during the lifetime of the one who sets it up. See also testamentary trust.
A trust that an individual establishes while he/she is alive, enabling the person to control the assets contributed to the trust. Also known as an inter vivos trust.
A trust that is created during the grantor's life time by revocablely (the grantor may make changes at any time prior death) transferring property to a trust but retains the power to alter the trust. The trust assets avoid probate and publicity upon the death of the grantor. All assets in the trust are treated as an incomplete gift and do not change the income, estate or gift tax status of the grantor.
A contract between a person who owns property and a person selected to manage that property.
A revocable or irrevocable trust created during the life of the grantor that is also known as an inter vivos trust.
Allows the lifetime transfer of assets into a trust that is controlled by the grantors during their lifetime. The advantages are probate avoidance and cleaner management transition upon disability.
A revocable trust established by a you during your lifetime in which the you transfer some or all of your property into the trust.
Same as an "inter vivos trust".
A trust created during the life of the grantor. An irrevocable living trust is often used in estate and tax planning. All assets become the property of the trust and, generally, the trust is liable for income tax payable on amounts earned by those assets, but may result in removing assets from the estate and, therefore, reducing possible estate tax liability. It should be noted, however, that the transfer of assets to the trust may result in gift tax liabilities.
A revocable inter vivos trust established by a grantor with some or all of his or her property. Living trusts are commonly used in place of wills, to avoid probate.
a capable substitute for a will and a document that more and more people, disillusioned with the probate system, are turning to in their estate planning
a contract that governs the use, management and ultimate distribution of either a single asset, a few different assets, or all of your assets
a document by which you declare that your assets will be distributed according to a plan you determine and without any necessity of a court's intervention
a document in which you transfer your property to a trusted person (your trustee) and direct that he or she manage your affairs both during your lifetime and after your death
a document prepared by your attorney under which you basically transfer the ownership of your assets from yourself to your trust
a document that creates a separate entity to hold all of your assets
a document that sets up a trust that would hold the ownership interest in the home and other of your assets, in case of your death you would avoid probate proceedings and could also assist you in your estate planning
a good idea, though, in complex probates and for many other reasons
a good way to keep an estate from going through probate
a helpful tool for managing the way your assets will be distributed
a legal arrangement in which an individual (the trustor or grantor) gives fiduciary control of property to a person or institution (the trustee or grantee) for the benefit of beneficiaries
a legal device to assist people who want to avoid some of the problems and costs involved with probate
a legal document that holds title or ownership to your real property and assets
a legal document that is c reated and operates during your lifetime
a legal document where a person designates how he or she wants trust-held assets distributed upon death or even before death
a legal document which provides for the distribution of your assets after you pass away similar to that of a Will
a legal entity formed by a Settlor, who is the person who places money or assets into the trust, to hold, invest, and distribute those assets based on instructions in the Trust document
a legal entity you create, and into which you place your property so that it will pass after your death to the people you want to inherit it, without going through the hassle of probate proceedings
a means to track of all your assets and deal with them as one entity
a method for keeping assets out of probate
an agreement between you (the Settlor or Trustor) and an individual or entity (the Trustee) made during your lifetime
an agreement in which one person (the grantor) transfers property to a second person (the trustee) for the benefit of a third person (the beneficiary)
an agreement that you make with someone you trust called a trustee
an agreement to manage property
an alternative to a will in which your assets pass immediately to your designee when you die
an alternative to probate and serves to transfer assets to others via the trust - upon your death
an arrangement by which you as the grantor place property in trust and name yourself or some other person as Trustee or Co-Trustee, but reserve the right to revoke the trust
an arrangement whereby a trustee manages property for the benefit of a beneficiary
an arrangement you create during your lifetime to provide for yourself and your family both before and after your death
an asset management solution
an effective way to provide lifetime and after-death property management and estate planning
an effective way to settle your estate while avoiding probate so that your estate is settled exactly according to your wishes
an estate planning device that allows a person to transfer assets to one or more persons before and after they die
an estate planning tool, often viewed as an alternative to a will, in which a person's assets are transferred to the trust during his or her lifetime and distributed at the time of death
an inter vivos trust that begins to operate during the trust creator's lifetime
a personal, tailored legal agreement that will be designed by your attorney and First Community Trust based on what you want and need to accomplish
a popular estate planning technique that, if done properly, can allow a person to avoid the time and expense of probate and reduce estate taxes
a private agreement where the distribution of assets under the terms of the trust is not subject to the publicity given to wills in probate proceedings
a probate avoider
a relatively simple tool to allow you to disperse assets as you desire upon death and take advantage of existing tax laws
a revocable legal arrangement created during your lifetime
a revocable trust created while a person is alive
a simple, inexpensive legal alternative that eliminates the costs and delays of probate and ensures that your loved ones will receive their inheritance promptly and exactly as you intended
a simple, inexpensive legal device that eliminates the costs and delays of probate and ensures that the people you choose will receive their in heritance promptly and exactly as you intended
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