Beneficiary: the person receiving the assets in the trust at the predetermined time Most trusts are living trusts, or trusts that are created while the grantor is still alive, as part of their estate plan. The
A living trust is an estate planning tool that helps you control how your assets will be distributed after your death. Depending on the type of living trust, you may be able to transfer most asset types to your living trust while you're still living without giving up control of them, and...
. PURPOSE.The purpose of this Agreement is to establish a Trust to receive and manage assets for the benefit of the Grantor during the Grantor's lifetime, and to further manage and distribute the assets of the Trust upon the death of the Grantor. ...
Under the terms of the living trust—which can be revocable or irrevocable—you are the grantor of the trust, and the person you designate to distribute the trust's assets after your death is known as the successor trustee. Living trust: Definition, types, and terms A living trust is a t...
A living trust, or more technically a revocable living trust or revocable trust, is a legal document through which your assets are placed in a trust for your benefit during your lifetime as the “grantor" and then transferred to your chosen beneficiaries at your death by the person you have...
In lay terms, a living trust can be used to distribute property before death, at death or after death. The trustee performs the fiduciary duty of managing the assets for the beneficiary while the grantor (The owner of the assets) is still alive. ...
Unlike a will, you can use a Revocable Living Trust to plan not only for death but also for incapacity. In the event you are incapacitated, a co-trustee (usually your spouse) or a successor trustee (usually one of your children) will be able to take care of your financial affairs and...
These assets flow to the beneficiaries according to the grantor's wishes as outlined in the trust agreement upon the death of the grantor. A living trust itself can be named the beneficiary of certain assets that would otherwise flow directly to the named beneficiary regardless of what's stated...
A living trust can also be set up so that it only springs to life based upon a contingency, such as a spouse predeceasing the grantor. However, a revocable living trust does not protect against creditors, taxes, or the claims of ex-spouses. An irrevocable trust may offer some protection...
s instructions in the trust instrument. The Successor Trustee does not have the legal right to change the trust. The trust becomes irrevocable upon the Grantor’s death. The Successor Trustee has the right to manage the assets in the estate, but must do so for the benefit of the remainder...