Legal
Living trust
A living trust is another method for distributing property after death. It can also help with asset management if an individual becomes incapacitated. A living trust is an arrangement whereby a trustee manages property for a beneficiary. This type of trust is set up during the beneficiary's lifetime. The property owner transfers all of their property into the trust prior to death. Some people prefer living trusts because the trust's terms do not become public at the grantor's death, and the assets owned by the living trust do not pass through probate court. Those interested in creating a living trust should ask an attorney to draft a trust instrument that best suits their particular needs and circumstances.
Updated: November 2, 2007
