Legal Corner


-List Your Site Here! -- Targeted Advertising For Just Pennies A Day! -Tell A Friend - Bookmark This Page

LegalCornerTM - Trusts F.A.Q.'s

Find A Lawyer
Law Area:
 

State:
 

 
Search

Search:

Search By:

--Back

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.




© Copyright 1999-2024 Melissa C. Marsh. All Rights Reserved. All Information on this website is subject to a Disclaimer and Use Agreement. This information is provided as general information only and should not be construed as legal advice. We advise you to seek the advice of competent legal counsel to address your own specific questions, facts and circumstances.