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A living trust is a legal arrangement in which you put assets into a trust and specify how you want them distributed after you pass away. On the other end, the probate process is sometimes known ...
Image source: Getty Images. 1. You can control your assets and change your mind as needed. A living trust is a legal arrangement that allows you to pass assets on to other people.
Image source: Getty Images. 1. You may be able to avoid the probate process. Arguably the biggest advantage of a living trust is that it can often allow your estate to avoid probate when ...
An inter vivos trust is a trust created during the settlor's life. The trustee is the legal owner of the assets held in trust on behalf of the trust and its beneficiaries. The beneficiaries are equitable owners of the trust property. Trustees have a fiduciary duty to manage the trust for the benefit of the equitable owners.
A personal injury trust is a legal term of art in the modern English law of trusts and is also applicable, where relevant, to Wales, Scotland and Northern Ireland.. A personal injury trust is a form of trust, a legally binding arrangement, in which funds are held by persons, called trustees, for the benefit of others upon the terms of a document, called a trust deed.
Type of Trust Definition and Purpose Tax Benefits Revocable A trust that can be modified or dissolved without the permission of the beneficiary. During the life of the trust, income from the corpus is distributed to the grantor. Transfer of assets to beneficiaries only occurs at the time of the grantor's death.
Image source: Getty Images. 1. You could avoid the probate process. Probate is a court process in which the court determines if a will is valid and then supervises the distribution of the assets ...
Once the trust is funded with the grantor's residence, the residence and any future appreciation of the residence are excluded from the grantor's estate, if the grantor survives the term of the trust, as explained below. Personal residence trusts ("PRTs") are irrevocable split interest trusts.
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