Living Trust:<\/p>\n
A “living” trust (also called an “inter vivos” trust) is simply a Many people create a revocable living trust <\/a>as Will:<\/p>\n A will or testament is a legal document that expresses a person’s Living Trust:<\/p>\n A “living” trust (also called an “inter vivos” trust) is simply a
trust you create while you’re alive. The beneficiaries you name in your
living trust receive the trust property when you die. You could instead
use a will, but wills must go through probate<\/a>\u2014the court process that oversees the transfer of your property to your beneficiaries.<\/p>\n
part of their estate plan. These trusts can be modified or revoked at
any time. Typically, you’ll name yourself as the “trustee” of your
trust. This means that while you are alive, you retain control of the
trust and its property. In your trust document, you will also name a
“successor trustee” to take over and manage the trust (distribute your
property) after you die. (If you create a shared living trust, as is
often done by spouses, then your successor trustee would assume control
after both spouses have died.<\/p>\n
wishes as to how their property is to be distributed after their death
and as to which person is to manage the property until its final
distribution.<\/p>\n<\/p>\n
<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"
trust you create while you’re alive. The beneficiaries you name in your
living trust receive the trust property when you die. You could instead
use a will, but wills must go through probate<\/a>\u2014the court process that oversees the transfer of your property to your beneficiaries.<\/p>\n