Living Trust definition: Copy, customize, and use instantly
Introduction
"Living Trust" refers to a legal arrangement where a person (the grantor) transfers ownership of assets into a trust during their lifetime. The trust is managed by a trustee for the benefit of the beneficiaries, either during the grantor’s life or after their death. It is often used as a way to avoid probate, ensure privacy, and manage assets efficiently.
Below are various examples of how "Living Trust" can be defined in different contexts. Copy the one that fits your needs, customize it, and use it in your contract.
Definition of "Living Trust" for estate planning
This definition connects "Living Trust" to estate planning.
"Living Trust" refers to a trust created during the lifetime of the grantor in which assets are transferred to a trustee to be managed for the benefit of designated beneficiaries. This type of trust allows the grantor to retain control over the assets while also avoiding probate upon their death.
Definition of "Living Trust" for asset management
This definition ties "Living Trust" to asset management.
"Living Trust" means a legal instrument in which the grantor places their assets into a trust for management during their lifetime and for distribution to beneficiaries upon death, with the intent to provide for efficient asset management and transfer.
Definition of "Living Trust" for probate avoidance
This definition links "Living Trust" to avoiding probate.
"Living Trust" refers to a trust designed to hold and manage assets during the grantor’s lifetime and distribute them after their death, with the goal of avoiding the probate process, which can be lengthy and public.
Definition of "Living Trust" for revocable trusts
This definition applies "Living Trust" to revocable trusts.
"Living Trust" means a trust that can be altered, amended, or revoked by the grantor at any time during their lifetime. The trust remains revocable until the grantor’s death, at which point it becomes irrevocable.
Definition of "Living Trust" for privacy protection
This definition connects "Living Trust" to privacy protection.
"Living Trust" refers to a trust that helps maintain privacy regarding the distribution of assets, as it avoids the public probate process, ensuring that the details of the estate are kept private and not disclosed in a court proceeding.
Definition of "Living Trust" for estate tax planning
This definition ties "Living Trust" to estate tax planning.
"Living Trust" means a trust created to manage and distribute assets in a way that may reduce estate taxes, providing for more efficient transfer of assets to beneficiaries, often through tax planning strategies.
Definition of "Living Trust" for healthcare directives
This definition links "Living Trust" to healthcare decisions.
"Living Trust" refers to a legal document that not only governs the distribution of assets upon death but may also include provisions for healthcare directives, naming a trustee to manage healthcare decisions in case the grantor becomes incapacitated.
Definition of "Living Trust" for charitable giving
This definition connects "Living Trust" to charitable contributions.
"Living Trust" refers to a trust that can be structured to include charitable giving provisions, allowing the grantor to make charitable donations during their lifetime or designate charitable organizations as beneficiaries upon death.
Definition of "Living Trust" for special needs planning
This definition ties "Living Trust" to special needs planning.
"Living Trust" means a trust that can be designed to provide for a beneficiary with special needs, ensuring the individual receives financial support without affecting their eligibility for government benefits.
Definition of "Living Trust" for family wealth transfer
This definition connects "Living Trust" to family wealth management.
"Living Trust" refers to a tool for transferring wealth within a family, where the grantor places assets into the trust for the benefit of family members, often minimizing estate taxes and providing for smooth succession planning.
Definition of "Living Trust" for trust administration
This definition links "Living Trust" to trust administration.
"Living Trust" refers to the legal framework under which assets are managed and administered by a trustee during the grantor’s lifetime and distributed to beneficiaries after the grantor’s death, ensuring a smooth administration process and avoiding probate.
Definition of "Living Trust" for business succession planning
This definition connects "Living Trust" to business succession.
"Living Trust" means a trust used in business succession planning where the business interests of the grantor are placed in the trust, ensuring seamless transition of ownership and management to heirs or designated successors.
Definition of "Living Trust" for incapacity planning
This definition ties "Living Trust" to incapacity planning.
"Living Trust" refers to a trust that can provide for the management of a grantor’s assets if they become incapacitated, with provisions for appointing a successor trustee to manage the assets on their behalf.
Definition of "Living Trust" for retirement planning
This definition links "Living Trust" to retirement planning.
"Living Trust" refers to a trust that can be used in retirement planning to manage and distribute retirement accounts, ensuring assets are passed on to beneficiaries in an efficient and tax-effective manner.
Definition of "Living Trust" for blended family planning
This definition connects "Living Trust" to blended families.
"Living Trust" refers to a trust that can be structured to address the specific needs of blended families, ensuring that children from previous marriages and current spouses are provided for according to the grantor’s wishes.
Definition of "Living Trust" for creditor protection
This definition ties "Living Trust" to protecting assets from creditors.
"Living Trust" means a trust that can be structured to protect assets from creditors, ensuring that the grantor’s property is safeguarded from claims in the event of financial difficulties or legal action.
Definition of "Living Trust" for irrevocable trusts
This definition connects "Living Trust" to irrevocable trusts.
"Living Trust" refers to a trust that can become irrevocable upon the death of the grantor, transitioning from a revocable to an irrevocable structure, with the assets then permanently distributed according to the terms of the trust.
Definition of "Living Trust" for joint trusts
This definition ties "Living Trust" to joint trusts for couples.
"Living Trust" refers to a trust established by two individuals (typically spouses) where they jointly manage the assets during their lifetime, with provisions for the trust to continue upon the death of one spouse, ensuring the continued management of assets for the surviving spouse or beneficiaries.
Definition of "Living Trust" for asset protection
This definition links "Living Trust" to asset protection.
"Living Trust" means a trust that can be structured to provide asset protection, helping to shield the grantor’s assets from potential claims, lawsuits, or creditors, while ensuring the assets are distributed according to their wishes.
Definition of "Living Trust" for guardianship planning
This definition connects "Living Trust" to guardianship provisions.
"Living Trust" refers to a trust that can include provisions for appointing guardians for minor children, ensuring that the children’s financial needs and wellbeing are taken care of according to the grantor’s wishes in case of their death or incapacity.
Definition of "Living Trust" for estate planning flexibility
This definition ties "Living Trust" to flexible estate planning.
"Living Trust" refers to a legal instrument that provides the grantor with the flexibility to alter or revoke the trust during their lifetime, ensuring that assets are managed according to their preferences while avoiding the lengthy probate process after death.
Definition of "Living Trust" for minor child protection
This definition connects "Living Trust" to minor child protection.
"Living Trust" means a trust established to protect and manage assets for minor children, with provisions for distributing assets to the child or appointing a guardian for their benefit until they reach adulthood.
Definition of "Living Trust" for asset division
This definition ties "Living Trust" to clear asset division.
"Living Trust" refers to a trust that clearly outlines the distribution of assets to beneficiaries upon the grantor’s death, ensuring a smooth transfer and avoiding disputes among heirs.
Definition of "Living Trust" for managing real property
This definition connects "Living Trust" to real estate management.
"Living Trust" refers to a trust that holds and manages real property during the grantor’s lifetime, with instructions for its distribution to beneficiaries after the grantor’s death, bypassing probate.
Definition of "Living Trust" for retirement benefits management
This definition links "Living Trust" to managing retirement benefits.
"Living Trust" refers to a trust that can hold and manage retirement accounts, including 401(k)s and IRAs, ensuring their transfer to beneficiaries after the grantor’s death while maintaining tax efficiency.
Definition of "Living Trust" for insurance policy ownership
This definition ties "Living Trust" to insurance policies.
"Living Trust" refers to a trust that is designated as the owner of life insurance policies, enabling the grantor to control the distribution of policy proceeds to beneficiaries without going through probate.
Definition of "Living Trust" for healthcare management
This definition connects "Living Trust" to healthcare decision-making.
"Living Trust" refers to a trust that includes provisions for healthcare directives, appointing a trusted individual to make medical decisions on behalf of the grantor in case of incapacity.
Definition of "Living Trust" for financial privacy
This definition links "Living Trust" to privacy concerns.
"Living Trust" refers to a legal structure that keeps asset distribution private, as it avoids the public nature of probate and maintains the confidentiality of the grantor’s wishes.
Definition of "Living Trust" for the protection of heirs
This definition ties "Living Trust" to protection for heirs.
"Living Trust" refers to a trust designed to protect the inheritance rights of beneficiaries by ensuring that assets are managed and distributed according to the grantor’s wishes, protecting heirs from creditors or mismanagement.
Definition of "Living Trust" for multi-generational wealth
This definition connects "Living Trust" to preserving wealth across generations.
"Living Trust" means a trust that allows for the seamless transfer of assets from one generation to the next, ensuring that wealth is preserved and distributed according to the grantor’s long-term vision for their family.
Definition of "Living Trust" for joint asset management
This definition ties "Living Trust" to joint asset management.
"Living Trust" refers to a trust where two or more individuals (typically spouses) jointly manage the assets within the trust, with provisions for the continued management or distribution of those assets after the death of one or both grantors.
Definition of "Living Trust" for succession planning
This definition links "Living Trust" to succession planning.
"Living Trust" refers to a trust that includes provisions for the transfer of ownership and management of assets, including businesses, to designated successors, ensuring a smooth transition upon the grantor’s death or incapacity.
Definition of "Living Trust" for creating a spendthrift trust
This definition connects "Living Trust" to a spendthrift trust.
"Living Trust" refers to a trust that may include spendthrift provisions, designed to protect beneficiaries from creditors by restricting their access to the trust’s assets until certain conditions are met.
Definition of "Living Trust" for minimizing estate taxes
This definition ties "Living Trust" to tax planning.
"Living Trust" means a trust created with the intention of reducing estate taxes, ensuring that assets are distributed efficiently and in a way that minimizes the tax burden on beneficiaries.
Definition of "Living Trust" for charitable bequests
This definition links "Living Trust" to charitable contributions.
"Living Trust" refers to a trust that includes provisions for making charitable donations either during the grantor’s lifetime or upon their death, supporting causes the grantor cared about.
This article contains general legal information and does not contain legal advice. Cobrief is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.