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living trust |
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Living trust A trust that an individual establishes during the individual's lifetime, enabling the person to control the assets contributed to the trust. Also known as an inter vivos trust.
living trust A trust that goes into effect during the lifetime of the person who created it,called the settlor.Contrast with a will that goes into effect after the settlor's death,called a “testamentary trust.” See inter vivos trust. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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A and E formed a revocable living trust in 1993, contributing their family home, household furnishings, a vacant lot, a money market account, bank accounts and monthly Social Security income. A living trust, also known as a Revocable Living Trust or a Family Trust, is a viable financial planning tool for anyone--not just the rich and famous. Chapters address why an estate plan is necessary, how to select, prepare for and sign a will, preparing and changing a living trust, preparing a designation of primary physician, organ donation form, or quitclaim deed, and much more. |
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