living trust

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Related to living trust: living will, Irrevocable trust

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.

Inter-Vivos Trust

A trust into which the grantor deposits certain assets for the management by another party while the grantor is still living. That is, the inter-vivos trust is created and maintained before the grantor dies. Generally speaking, an inter-vivos trust exists to help avoid estate taxes after death and other taxes while still living. One may also set up an inter-vivos trust to facilitate long-term property management. It is also called a living trust.

living trust

A trust created for the trustor and administered by another party during the trustor's lifetime. The living trust may be formed because the trustor is either incapable of managing or unwilling to manage his or her assets. The trust can be revocable or irrevocable, depending upon the trustor's wishes. Also called 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.

References in periodicals archive ?
It's also possible for a married couple to create both a shared living trust for the communally owned property as well as separate trusts for their individual property.
Example 3: When Beth creates her living trust, she names her son Rick as successor trustee.
Pierce Marshall breached his fiduciary duty as trustee of his father's trust and used fraud and undue influence to force his father to make his revocable living trust irrevocable in order to secure his interest therein.
Living trusts are a way to manage and control property during life and distribute it at death.
The Living Trust Revolution is based on the belief that you as an individual are capable of deciding who you want to inherit what, and capable of filling out simple forms to that effect.
There are some drawbacks to using a living trust and, depending on the type of assets you have, the costs may outweigh the benefits, so you should consult an estate planning attorney before making a decision about whether a revocable living trust makes sense for you.
All of the assets of a living trust are potentially subject to death taxes upon the grantor's death.
A living trust is a trust that you set up during your lifetime, to which you transfer most or all of your assets.
If your estate is valued at or above these amounts, then you may want to consider combining a living trust with more advanced estate-planning techniques.
Sinatra made it clear in a "no contest clause" that anyone contesting the will would forfeit not only any bequests in the document but also lose any inheritance afforded them in the living trust.
Second, in your will or living trust (see sidebar), specify that a portion of your wealth be held "in trust" for your grandchild's educational purposes.
A primary reason for creating a living trust is to "avoid probate.