living trust

(redirected from Revocable living trust)
Also found in: Dictionary, Thesaurus, Legal, Acronyms.

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 ?
Therefore, the expenses saved if probate is actually avoided by use of a revocable living trust may be quite modest.
Therefore, under the facts of the above example, personal liability will ensue if the trustee of the revocable living trust distributes assets prior to paying the estate tax.
Anne C Taylor Revocable Living Trust, to Georgene D Kreuzer Living Trust; 3805 Kevington Ave, Eugene; $213,000.
A SNT that is created under the parent's will or revocable living trust does not come into existence until after the parent's death.
For instance, in Florida, if property is placed into a revocable living trust, the surviving spouse has no right to it, since the elective share is defined as a percentage of the probate estate.
Where the client wishes to avoid ancillary administration of assets situated in other states by placing title to those assets in the trustee of a revocable living trust.
After many, many hours I authored a Revocable Living Trust for my husband and myself.
Another way to designate who will receive your property upon your death is through a revocable living trust.
Total Affluent: Households with $100,000 + income and/or net worth of $500,000, excluding principal residence Any Trust Account 36% Revocable Living Trust 21% Testamentary Trust 15% Insurance-Funded Trust 8% Charitable Trust 5% Other Trusts 8% Custody Account 5% Wealth: Households with $1 million+ in investible assets Any Trust Account 59% Revocable Living Trust 37% Testamentary Trust 7% Insurance-Funded Trust 17% Charitable Trust 9% Other Trusts 15% Custody Account 9% Source: Spectrem Group, 1999
Many individuals consider the revocable living trust to be an attractive estate-planning option because of its flexibility.
THE BEST COURSE for avoiding probate and capital gains taxes is the revocable living trust.