A Living Trust is a legal document that you transfer all of your assets into, with instruction as to how the assets therein are to be managed, and to whom assets are to be distributed, naming a trustee to manage the trust according to the trust provisions. The trust is revocable and becomes irrevocable upon the trustor's death.
A trustor, the maker of the trust, is also known as a settlor of the trust. The persons who receive benefits from the trust are known as beneficiary. The settlor can also be a trustee. The settlor retains the right to amend the trust or revoke the trust at any time.
Benefits of a Living Trust:
If I Have A Living Trust, Do I Still Need A Will?
Yes, you still need a “pourover will”, which is a will, that mirrors the trust, as to distribution of assets and beneficiaries, and catches assets that were not included in the Living Trust Plan, to allow for the assets to be distributed via the trust plan; the “pourover will” can also provide for children or minor children, who will need a guardian appointed to represent them in any proceeding, implementing the trust provisions.
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