Living Trust:A Living trust is a legal entity which is created during the life time of you and survives you after your death. A Living trust consists of the trustee who manages the affairs of the trust and a beneficiary who enjoys the benefits of the trust. There can be more than one beneficiary. The purpose of creating a Living trust should not be illegal or against public policy. Consult an estate law attorney before you start a living trust. In a living trust you can be a trustee as well as the beneficiary. You can manage the property and at the same time you can enjoy the benefits of the property. In a living trust, you transfer the title of the property to the trust by way of deed. The property may be real estate, securities, bank account etc or property such as furniture, vehicles etc. You should draft a trust deed naming the trust as the owner of such property. Consult an Estate law attorney to draft a living trust deed. Revocation of a Living Trust:If you want to sell the property or gift the property belonging to the trust, you can revoke the living trust at any time. You can avoid a probate in a revocable living trust. Since the ownership of your assets is transferred to the trust during your lifetime it will not be subjected to probate. Amendment of a Living Trust:You can add, modify or delete the names of the beneficiary, who will enjoy the income of the property after your death. If you accomplish any property after the living trust is created, you need to write a will relating to the disposition of such property. What are the Advantages of living trust?
What happens to the living trust if the grantor dies?
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