trusts are an entity that can own and maintain assets and property separately from the individual who operates and maintains them. They offer a way to separate your assets from yourself so that they can be easily passed on to the desired heirs after the original owner passes away. http://www.flandersandwade.com/revocable-living-trust.aspx
A trustee may be either a natural person, or an entity, and there may be a single trustee or multiple co-trustees. http://www.blurbwire.com/topics/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 trust that is created and goes into effect during the lifetime of a grantor.
A trust which is in effect during the life of the settler, rather than upon his death (testamentary trust).
A trust set up to operate during the life (and can continue to operate after the death) of the individual setting up the trust. It can be revocable, or, in other words, the creator of the trust can change his/her mind and have some or all of the trust property returned to him/her during life. An irrevocable trust cannot be changed except in certain legal circumstances.
Trust that is set up during the life of the trustor.
A trust that takes effect while the settlor is still alive.
a legal document which specifies how certain assets are managed and allows the creator to manage them (act as the trustee) during his/her lifetime. If the creator becomes incapacitated, a named successor trustee can take over the trust. This arrangement can be amended, or even terminated, during the creator's lifetime. If the trustee dies, the living trust outlines how assets in the trust should be distributed. However, unlike the process with a will, these assets do not have to go through probate because the trust is considered to be the "owner" of the assets. [See also, trust.
Trust set up and in effect during lifetime of grantor. Also called inter vivos trust. Compare testamentary trust.
A trust created while the donator is living.
An ordinary trust established by a person while living to manage and distribute assets to other living persons.
means of managing your property during your lifetime and disposing of the property after your death without probate. It can be a revocable or an irrevocable trust.
A trust created during the lifetime of the one who sets it up. See also testamentary trust.
A trust that an individual establishes while he/she is alive, enabling the person to control the assets contributed to the trust. Also known as an inter vivos trust.
A trust that is created during the grantor's life time by revocablely (the grantor may make changes at any time prior death) transferring property to a trust but retains the power to alter the trust. The trust assets avoid probate and publicity upon the death of the grantor. All assets in the trust are treated as an incomplete gift and do not change the income, estate or gift tax status of the grantor.
A contract between a person who owns property and a person selected to manage that property.
A revocable or irrevocable trust created during the life of the grantor that is also known as an inter vivos trust.
Allows the lifetime transfer of assets into a trust that is controlled by the grantors during their lifetime. The advantages are probate avoidance and cleaner management transition upon disability.
A revocable trust established by a you during your lifetime in which the you transfer some or all of your property into the trust.
Same as an "inter vivos trust".
A trust created during the life of the grantor. An irrevocable living trust is often used in estate and tax planning. All assets become the property of the trust and, generally, the trust is liable for income tax payable on amounts earned by those assets, but may result in removing assets from the estate and, therefore, reducing possible estate tax liability. It should be noted, however, that the transfer of assets to the trust may result in gift tax liabilities.
A revocable inter vivos trust established by a grantor with some or all of his or her property. Living trusts are commonly used in place of wills, to avoid probate.
a capable substitute for a will and a document that more and more people, disillusioned with the probate system, are turning to in their estate planning
a contract that governs the use, management and ultimate distribution of either a single asset, a few different assets, or all of your assets
a document by which you declare that your assets will be distributed according to a plan you determine and without any necessity of a court's intervention
a document in which you transfer your property to a trusted person (your trustee) and direct that he or she manage your affairs both during your lifetime and after your death
a document prepared by your attorney under which you basically transfer the ownership of your assets from yourself to your trust
a document that creates a separate entity to hold all of your assets
a document that sets up a trust that would hold the ownership interest in the home and other of your assets, in case of your death you would avoid probate proceedings and could also assist you in your estate planning
a good idea, though, in complex probates and for many other reasons
a good way to keep an estate from going through probate
a helpful tool for managing the way your assets will be distributed
a legal arrangement in which an individual (the trustor or grantor) gives fiduciary control of property to a person or institution (the trustee or grantee) for the benefit of beneficiaries
a legal device to assist people who want to avoid some of the problems and costs involved with probate
a legal document that holds title or ownership to your real property and assets
a legal document that is c reated and operates during your lifetime
a legal document where a person designates how he or she wants trust-held assets distributed upon death or even before death
a legal document which provides for the distribution of your assets after you pass away similar to that of a Will
a legal entity formed by a Settlor, who is the person who places money or assets into the trust, to hold, invest, and distribute those assets based on instructions in the Trust document
a legal entity you create, and into which you place your property so that it will pass after your death to the people you want to inherit it, without going through the hassle of probate proceedings
a means to track of all your assets and deal with them as one entity
a method for keeping assets out of probate
an agreement between you (the Settlor or Trustor) and an individual or entity (the Trustee) made during your lifetime
an agreement in which one person (the grantor) transfers property to a second person (the trustee) for the benefit of a third person (the beneficiary)
an agreement that you make with someone you trust called a trustee
an agreement to manage property
an alternative to a will in which your assets pass immediately to your designee when you die
an alternative to probate and serves to transfer assets to others via the trust - upon your death
an arrangement by which you as the grantor place property in trust and name yourself or some other person as Trustee or Co-Trustee, but reserve the right to revoke the trust
an arrangement whereby a trustee manages property for the benefit of a beneficiary
an arrangement you create during your lifetime to provide for yourself and your family both before and after your death
an asset management solution
an effective way to provide lifetime and after-death property management and estate planning
an effective way to settle your estate while avoiding probate so that your estate is settled exactly according to your wishes
an estate planning device that allows a person to transfer assets to one or more persons before and after they die
an estate planning tool, often viewed as an alternative to a will, in which a person's assets are transferred to the trust during his or her lifetime and distributed at the time of death
an inter vivos trust that begins to operate during the trust creator's lifetime
a personal, tailored legal agreement that will be designed by your attorney and First Community Trust based on what you want and need to accomplish
a popular estate planning technique that, if done properly, can allow a person to avoid the time and expense of probate and reduce estate taxes
a private agreement where the distribution of assets under the terms of the trust is not subject to the publicity given to wills in probate proceedings
a probate avoider
a relatively simple tool to allow you to disperse assets as you desire upon death and take advantage of existing tax laws
a revocable legal arrangement created during your lifetime
a revocable trust created while a person is alive
a simple, inexpensive legal alternative that eliminates the costs and delays of probate and ensures that your loved ones will receive their inheritance promptly and exactly as you intended
a simple, inexpensive legal device that eliminates the costs and delays of probate and ensures that the people you choose will receive their in heritance promptly and exactly as you intended
a special type of trust
a testamentary device, used instead of a will
a trust created during a grantor's lifetime
a trust created during lifetime which may or may not be funded with assets and is revocable by the grantor
a trust created during the creator's lifetime
a trust created while the creator is living (compared to a testamentary trust, which is created at or after the creator's death under the terms of his or her will)
a trust for which the Bank, as trustee, usually assumes full management responsibility for the assets placed in trust
a trust into which an individual can place all of his or her assets during his or her lifetime and, by transferring ownership of the assets to the name of the trust, thereby remove the assets from the individual's estate
a trust made while the person establishing the trust is still alive
a trust set up during a lifetime to provide for the disposition of assets on death
a trust that becomes effective during the lifetime of the person who creates the trust
a trust that becomes effective right now while you are still alive
a trust that is created during the lifetime of the grantor of the trust
a trust that is created during your lifetime, often for your own immediate benefit, and continues to operate throughout your lifetime
a trust that is created while you are still alive
a trust that is funded with assets www
a trust that is revocable and retains little to no tax advantage because the grantor retains control of the trust during his or her lifetime to amend or revoke the trust
a trust that you create during your lifetime and to which you transfer your assets
a trust that you put in place during your lifetime
a trust that you set up and fund while you are alive
a trust which is created during life rather than in a will
a trust which is funded with assets and which can be amended and revoked by the person creating the trust
a trust you can set up during your life
a trust you create while you are alive
a vehicle that controls the management of your assets while you are alive and how they are distributed after your death
a way for you to control what happens to your property after you die without the delay and expense of probate proceedings
a way that you can manage your property and investments during your lifetime and then transfer them to your beneficiaries after your passing
a way to manage and control property during your lifetime and to distribute it at your death
a way to protect your family from the costs and time lost in probate, not to mention the stress
a written agreement in which a "Trustee" agrees to hold assets contributed by the "Trustor" in trust for the benefit of the "Beneficiaries" of the trust
A trust that is established while the grantor is still alive. Compare to testamentary trust.
A trust agreement, which the title to property and assets can be transferred into, thereby avoiding probate. The Living Trust was the first of the Trusts. A Trust is created when a living person (the Trustor) agrees to let someone (the Trustee) hold title to property for the benefit of someone (the Beneficiary). Back to the Top
A flexible agreement whereby you transfer and manage property in a trust, (this is not a charitable remainder trust). Whatever remains in the trust ultimately passes to the beneficiaries of the trust as stated in the trust document. Also known as a revocable living trust.
A document naming a trustee and beneficiary of property that is used during a person's lifetime and upon death.
Also known as a revocable trust. The donor can change the terms of the trust at any time. Acts in some ways as a Will by distributing the property in the estate, but has particular benefits for people who have property or children from a prior marriage, or for people who want to name someone to handle their affairs if they become ill. Distribute of the estate can be completed without court supervision using this kind of trust.
A trust set up while a person is alive and which remains under the control of that person until death or disability. Also referred to as an "inter vivos trust."
A trust that's established while you are alive. You can declare yourself the trustee of the trust until you are no longer able to act on your own behalf. You can set standards for determining capacity. For example, your doctor and your spouse must agree that you are unable to act. At which time the trustee can manage your assets to take care of you and your loved ones. Assets must be re-titled in the name of your living trust. At your death, any assets in the living trust do not have to go through probate.
A trust that has been established during the life of the trustee.
Also called a "Private Will," it is a legal entity to which an individual (called testator or grantor) transfers assets, in part or whole, during their lifetime. Despite the term Private Will it does not take away the need to also have a will. p 124
A trust created by a written legal document that is created during the lifetime of the trustor. Very often, this will be a revocable living trust, which will be used as the ultimate vehicle for the distribution of the trustor's assets when the trustor dies.
A trust which goes into effect while the settler is alive.
A trust created during the trust maker's lifetime. A living trust can be either revocable or irrevocable.
A trust set up during the grantor's life. Also known as an inter vivos trust.
A will entity established by means of a written trust agreement during the lifetime of the creator of the trust. The terms of the trust agreement govern the operation of the trust funds.
A trust established during the grantor's lifetime.
A trust created during the grantor's lifetime, which becomes effective during the grantor's lifetime as opposed to a testamentary trust, which takes effect at the death of the grantor. A living trust is also known as an inter vivos trust. arket Value: The price property would command in the open market; the highest price a willing buyer would pay and a willing seller accept, both being fully informed and the property being exposed for a reasonable period of time.
A trust established during the lifetime of the person creating the trust, rather than under the person's will. Also known as an inter vivos trust.
A trust established and operating during the trustor's lifetime.
An estate plan, that unlike a will, may avoid probate
A trust created during the maker's lifetime. Some living trusts are set up so that they can be changed during the maker's lifetime. These are called "revocable." Others, known as "irrevocable," are set up so that they can't be touched.
A written legal document that creates an entity to which you transfer ownership of your assets. Contains your instructions for managing your assets during your lifetime and for their distribution upon your incapacity or death. Avoids probate at death and court control of assets at incapacity. Also called a revocable inter vivos trust. A trust created during oneâ€(tm)s lifetime.
This is a trust that is primarily intended to avoid the probate process. This trust is set up while a person is alive. It is commonly known as an inter vivos trust.
A revocable trust formed while one is alive, and it is often used to avoid probate or to provide for the orderly management of assets if one should become disabled or incompetent.
a trust that you set up while you are living. Compare to "Testamentary Trust."
A legal means of assuring that a decedent's property and assets are transferred to his or her heirs according to the decedent's wishes.
A trust created during the Testatorâ€™s life to avoid probate after death. Property transferred into the trust during life passes directly to the trust beneficiaries after death, without probate.
a trust that you set up during life.
a trust established while the donor of the trust assets is alive (as opposed to a testamentary trust, that is established at death).
A trust that becomes operative during the lifetime of the settlor; as opposed to a trust under will. The same as a trust inter vivos.
A revocable trust established by a grantor during his or her lifetime in which the grantor transfers some or all of his or her property into the trust.
A trust created during someone's lifetime.
An arrangement in which a property owner ( trustor) transfers assets to a trustee who assumes specified duties in managing the asset. After payment of operating expenses and trustee's fees, the income generated by the trust property is paid to or used for the benefit of the designated beneficiary.
A form of trust created by individuals that generally exists for the life of the trust according to the terms of the trust agreement that created it.
A trust set up and in effect during the lifetime of the grantor. (Also called inter vivos trust.)
A trust created by a person during his or her lifetime.
A type of trust created by the grantor during his or her lifetime. Also called an inter vivos trust.
( See revocable living trust)
(See also Inter Vivos Trust.) Living Will Pecuniary Bequest (See also Specific Bequest.) Personal Representative
A trust that goes into effect while the trust creator is still living.
A trust where you are the grantor and sometimes also the trustee. When you die, the beneficiaries would be the same people that you would have named in a will. You place virtually all your assets into the trust, and if you are also the trustee, manage them until you die. One purpose of a living trust is to lessen the impact of probate.
A trust established during the lifetime of the grantor.
a trust that one establishes during one's lifetime which is not part of one's will, but is usually established by a separate written trust agreement. The same as "inter vivos trust."
A trust created to take effect during the lifetime of the grantor; also called an inter vivos trust.
A trust created during the grantor's lifetime. If the trust can be changed by the grantor, it's revocable; if not, it's irrevocable.
Trust established while the maker is alive and which becomes immediately effective. It remains under the control of the maker until their death; subject to the makers ability to change while they are still alive.
A trust established during the grantor's life; also called an inter vivos trust.
Revocable trust, for reduction of probate costs and to expedite sale of assets upon death of grantor. Provides no asset protection.
A trust becoming operative in the lifetime of the person creating it.
A written legal document established during a person's lifetime into which the grantor places property. The living trust contains instructions for management and distribution of the trust property during the grantor's lifetime as well as upon death or disability.
A trust created during the life of the grantor used in estate and tax planning. See revocable and/or irrevocable living trust in this glossary.
A trust that becomes effective during the lifetime of its creator, as distinguished from a trust under a will.
A trust into which you place some or all of your assets during your lifetime.
a notarized legal document by which a person states that some or all of his or her property, or Estate, be held in Trust by a Trustee (which can be the same person), thereby simplifying the eventual disposition of the Estate and, in some cases, avoiding probate of the Estate after the persons death
A trust that allows you to remain both the trustee and the beneficiary of the trust while you're alive. You maintain control of the assets and receive all income and benefits. Upon your death, a designated executor distributes the remaining assets according to the terms set in the trust.
A trust created during your lifetime. It is revocable, which means it can be amended or terminated anytime while you are competent. It is legally referred to as a revocable inter vivos trust. The trust becomes irrevocable upon your death. A living trust is used primarily to avoid probate and manage property. It does not save taxes.
Trust set during ones lifetime in which assets that are transferred into the trust during the grantor's lifetime are passed directly to the trust beneficiaries after death, bypassing court involvement.
A trust created during the maker of the trust's lifetime. Some living trusts are set up so that they can be changed during the maker's lifetime. These are called "revocable" trusts. When the trust cannot be changed, it is called an irrevocable trust.
A legal document that allows an individual (the grantor or trustor) to create a trust and appoint someone else as trustee (usually a trusted individual or bank) to carefully invest and manage his or her assets.
A property interest held by one person or persons as trustees for the beneficiaries until the death or disability of the trust creator, the property in the trust is treated normally. If the trustor becomes incompetent, the named alternate trustor (such as spouse or adult child) take over management of the trust assets. When the trustor dies, the assets are distributed according to the trust's terms, avoiding probate.
Normally a Revocable Trust established during a Grantor's lifetime that is used for the placement of some or all of the Grantor's property. In a situation involving a married couple, a basic Living Trust does not effectively use the personal Estate Tax exemption of either spouse (the amount of a deceased person's Estate that may pass to his or her heirs without Estate Taxes, currently $1.5 million as of 2004). Because of this deficiency of a basic Living Trust, an A / B Trust (discussed above) is often recommended instead to married couples with substantial assets.
A trust created by a settlor while he or she is alive. Also referred to as an inter vivos trust.
Also called an inter vivos trust. A trust established by a living person that allows that person to control the assets he or she contributes to the trust.
a trust made during its maker's lifetime with stipulations about the chain of succession to income in the trust ¶‘OM
Living Trust refers to a trust that is either revocable or irrevocable. It is a trust created for the trustor and taken care of by another party, when the trustor still lives. It offers higher confidentiality.
A trust created while the creator of the trust is living.
A trust set up while living that has the effects available during the life of the grantor.
A living trust (revocable living trust or inter vivos trust) is a type of trust created for the purpose of holding ownership to an individual's assets during the person's lifetime and for distributing those assets after death.