Living Trust (Noun)
Meaning
A trust created and operating during the grantor's lifetime.
Classification
Nouns denoting possession and transfer of possession.
Examples
- The lawyer recommended setting up a living trust to avoid probate and minimize taxes after the grantor's passing.
- Creating a living trust allows individuals to transfer ownership of their assets without incurring the hassle of a lengthy probate process.
- Unlike a will, a living trust lets the grantor manage their assets while they are still alive, with flexibility to make changes as needed.
- To protect their family's financial future, the couple decided to establish a living trust, naming their children as the beneficiaries.
- As part of their estate planning, they transferred most of their assets into the living trust, which would pass to their heirs tax-free.