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 ?
Plans and future care of children can also be provided for in a revocable living trust, whether married or single.
Estate planners will tell you that revocable living trusts are central to the modern estate-planning practice.
Marion E Copping Revocable Living Trust, to Simpson Jean M & Houchins Harry B; 195 E Howard Ave, Eugene 97404; $200,000.
For example, George Roberts transfers an apartment building to a revocable living trust, the income from which is paid to his niece.
The residence was bought for $392,000 in July 2002 from the Prather Family Revocable Living Trust, led by Jerry and Anita Prather.
The size of your taxable estate is based on the current market value of the property held in your name, your share of property you own jointly with someone else, the death benefit of your life insurance policy and assets you have in a revocable living trust.
The trust could be irrevocable and yet be part of the client's revocable living trust, with funding of the SNT intended to take place after the client's death.
Robert Zeff Revocable Living Trust U/A/D 10-15-97 on behalf of the Trust and all others similarly situated has filed a class action lawsuit against Citigroup Alternative Investments LLC, Citigroup, Inc.
Other modifications include changes to WealthCounsel's flagship document, the Revocable Living Trust (RLT), including a provision to ensure that life insurance proceeds paid to an RLT don't lose their creditor-exempt status.
Hatcher Revocable Living Trust bought the Atrium Building at 513 Center St.
A typical estate planning package of documents includes a revocable living trust, financial powers of attorney, advanced health care directives, and pour-over wills.