|
Q.What is a Living Trust (also known as a Revocable Living Trust)?
A.A Living Trust also known as a Revocable Living Trust is a trust where the maker of the trust (the Grantor), the manager of the trust (Trustee) and the beneficiaries of the trust are all the same person while the creator of the trust is alive. Upon the death of the maker of the trust, the named Successor Trustee would take the place of the original trustee (creator of the trust) and the Successor Trusted would be responsible for managing the trust and distributing its assets to the designated beneficiaries.
The Living Trust (Revocable Trust) can be canceled or revoked by the creator at any time during his or her lifetime.
|
