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A living trust is a legal document that allows you (the grantor) to put assets into a trust and outline exactly how you want them distributed after you pass away. A will works similarly, but the ...
Gerry W. Beyer is an American lawyer, academic, and author. He is the Governor Preston E. Smith Regents Professor of Law at Texas Tech University School of Law. [1]Beyer is most known for his work in estate planning, trusts, wills, and related fields.
Inter vivos trust (or 'living trust'): A settlor who is living at the time the trust is established creates an inter vivos trust. Irrevocable trust: In contrast to a revocable trust, an irrevocable trust is one in which the terms of the trust cannot be amended or revised until the terms or purposes of the trust have been completed. Although in ...
After executing a trust agreement, the settlor should ensure that all assets are properly re-registered in the name of the living trust. If assets (especially higher value assets and real estate) remain outside of a trust, then a probate proceeding may be necessary to transfer the asset to the trust upon the death of the testator.
In common law, an estate is a living or deceased person's net worth. It is the sum of a person's assets – the legal rights, interests, and entitlements to property of any kind – less all liabilities at a given time. The issue is of special legal significance on a question of bankruptcy and death of the person. (See inheritance.)
He is co-author of Wills, Trusts, and Estates, the leading trusts and estates casebook in the United States; has published in leading academic journals such as the Yale Law Journal, Columbia Law Review, and the Journal of Law and Economics; has appeared as a commentator on CNN; and has had his work on the effects of the abolition of the rule ...
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