The best living trust definition is a written legal document which substitutes for a will as your primary estate planning vehicle. When you have a trust you transfer your assets such as your home, financial accounts and personal property to the trust. In addition you change the beneficiary or contingent beneficiary of retirement accounts and life insurance to the trust.
These assets are then administered for your benefit during your lifetime, and either continue to be held or transferred to your beneficiaries when you die.
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The creator, also known as the grantor, of the trust usually labels him or herself as the original trustee responsible for managing the investments. This enables the grantor to stay in charge of the investments during his / her lifetime. For everyone functional purposes under this living trust explanation, nothing changes in the manner the grantor manages or manages the assets once they are placed in trust. The sole difference is the known as owner.
A successor trustee is known as in the doc, usually a member of family or good friend but sometimes an organization like a lender or trust company. This successor trustee then will control the trust investments for good thing about the grantor if the grantor becomes impaired as well as for the contingent beneficiaries following the grantor dies.
This living trust definition is for the revocable living trust. It is also sometimes referred to as a revocable inter vivos or a grantor trust. It may be revoked or amended at any time by the grantors as long as they are still competent.