Living Trust
/ˈlɪvɪŋ trʌst/
Definitions
- (n.) A trust created during the grantor's lifetime to manage property and provide for its disposition upon the grantor's death or incapacity.
She established a living trust to avoid probate and ensure her assets were distributed according to her wishes.
Related terms
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Commentary
Living trusts are commonly used to avoid probate and can be revocable or irrevocable, affecting control and tax implications.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.