A living trust is a legal arrangement established during an individual's lifetime that contains assets to be distributed after death and that bypasses probate.
Wills and living trusts are both used for estate planning, but they function differently.
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As the name implies, these trusts are established when the grantor is still alive and since they are revocable, the grantor retains the power to revoke or amend the trust as he or she wishes. A trust document establishes the trust, names the trustee (usually the grantor), names a successor trustee (someone to take control if the trustee becomes disabled), often a trusted family member, and ...
Suze Orman explains why everyone needs a revocable living trust and everything you need to know about making a living trust.
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Trying to figure out the difference between a living trust vs will? This guide explores the features of each to help you make the best choice for you.
A revocable living trust is an arrangement that allows you to have more control over your estate in an advantageous way–before and after your death.