Living Trust

Living Trust information questions and answers

Living Trust Offline is a free learning app that will help you learn the basic knowledge of Trust Law. Trust Textbook App is also an application that you can use offline and it's free. You can use the Taxation Textbook App as an alternative to the basic theory eBooks at your school or college.

What Is a Living Trust?

Revocable living trusts, created to avoid the expense and delay of probate, are the most common kind of trust.

The most common kind of living trust, the simple revocable living trust, is essentially a substitute for a will—people create it while they’re alive, to leave property at their death. The main reason to use a living trust instead of a will is probate avoidance. Unlike property left through a will, property left through a trust doesn’t need to go through probate before it can be transferred to the people who inherit it. So using a trust saves surviving family members the money, time, and effort that would otherwise be spent on probate.

A living trust has other advantages as well. It’s private (unlike a will, which becomes a matter of public record when it’s filed with the local court after death), and it can take effect during life if the person who made it becomes incapacitated and needs help managing trust property.

How a Living Trust Is Set Up

Every living trust must have a settlor, a trustee, and a beneficiary.

1. The settlor (also called grantor or trustor) is the person who creates the trust.

2. The trustee is the person in charge of trust assets.

3. The beneficiary is the person who benefits, now or later, from the trust.

A trust is a legal arrangement among these people. With a living trust, the settlor transfers assets to the trust; the trustee manages them; and the beneficiary eventually inherits them.

With a simple probate-avoidance living trust, the grantor is also the trustee. That lets grantors keep control over property they transfer to the trust. If they want to take property out, revoke the trust entirely, or name different beneficiaries, they can do so at any time.

The terms of the trust arrangement are written down in a document called a trust instrument. It identifies the settlor, trustee, and beneficiary, lists items of trust property, and states how those items are to be managed and when they are to be transferred to the trust beneficiary.

The trust instrument also names one more crucial person: the successor trustee. This is the person who serves as trustee after the first trustee, the settlor, dies.

Many people can create their own simple living trust without hiring an attorney. There are options to create these documents online or using software.

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