Wednesday, February 22, 2012 | Personal Services >Living Trust
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LIVING TRUST

A living trust is a trust created during a person's lifetime to either save money on taxes or set up long term property management. All living trusts are designed to avoid probate proceedings and may in addition be used to reduce taxes, safeguard financial privacy, and to regulate the use of assets if the owner becomes incapacitated, and for other purposes. Living trusts are often used because they may allow assets to be passed to heirs without going through the process of probate. Avoiding probate will normally save substantial costs (the probate courts, in some states, charge a fee based on a percentage net worth of the deceased), time, and maintain privacy (the probate records are available to the public, while distribution through a trust is private). A living trust may be amended or revoked by the person creating it (commonly known as a "trustor," "grantor" or "settlor"), at any time during the trustor's lifetime, as long as the trustor is competent.
   

 

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