sIgn o the Times Blog Talk Radio W Will I Am & Queen T LIVING TRUSTS and DO YOU HAVE ONE?
A living trust is a trust that is created during your lifetime. In other words, while you are still alive, you transfer title to your property from your name to that of the trustee of the living trust.
A living trust, also called an inter vivos or revocable trust, is an estate planning tool increasingly used by individuals and families of all income brackets as a way to pass on property while generally avoiding costs and delays associated with probate.
A trust is more complicated and more expensive to set up and manage than a will, but, after death, a trust does not have to go through the time-consuming, expensive probate process. The beneficiaries receive their gifts immediately, or according to the trust instructions.
Assets that have been placed into a fiduciary relationship between a trustor and trustee for a beneficiary. Trust property may include any type of asset, such as cash, securities, real estate or life insurance policies.