Definitions for "living trust"
A trust created for the trustor and administered by another party while the...
A living trust is a legal document that allows you to give property and control of your property to a trustee. It is a legal entity - a piece of paper - that is capable of owning property. The trust must contain the following elements: expression of your intent to create a trust; naming your trust beneficiaries; description of the trust property; a valid trust purpose (e.g. to provide for the welfare of your children or grandchildren); and the transfer of property. LegalZoom guides you in preparing all of the documents required to set up your living trust, including all of the transfer deeds required.
Trust instrument made effective during the lifetime of the creator, in contrast to a Testamentary Trust, which is created under a will.
a document in which ownership of your property is given to a certain person or institution (e
a document in which you designate the people who get your property after your death
a legal arrangement used in estate planning that provides for the management and distribution of your property when you die
a document that any competent adult can have created
a legal document drafted by an attorney and is an alternative to a will
a Legal Document prepared to handle the affairs
an effective tool for handling your financial affairs if you become incompetent
a vehicle for taking care of financial affairs
a private agreement which is not subject to public perusal
a popular alternative to the traditional Will, but you should weigh the advantages and disadvantages of each before deciding on one form
a better tool than the Community Property with Right of Survivorship
Keywords:  complicated, lot, maintain, set
a LOT more complicated to set up and maintain than a "living will
an ideal way to provide for children from a prior relationship
Keywords:  eliminates, contract
a contract that eliminates
a written declaration and contract in which you state that
Keywords:  instrument, powerful
a powerful instrument
a very useful and cost-effective device for transferring property from one generation to the next