Living Will And Trust Definition

A living trust is a legal entity created by individuals to hold and own their assets after they transfer them into the trust s ownership.

Living will and trust definition.

A revocable living trust is a written agreement designating someone to be responsible for managing your property it s called a living trust because it s established while you re alive. A living trust is a legal document created by you the grantor while you are alive. Just like a will a living trust spells out your wishes regarding your assets dependents and your heirs. It s revocable because as long as you re mentally competent you can change or dissolve the trust at any time at your own discretion for any reason.

A living will is a written legal document that spells out medical treatments you would and would not want to be used to keep you alive as well as your preferences for other medical decisions such as pain management or organ donation. A living trust designates a trustee to manage assets for the beneficiary while the grantor is still alive. This property is typically invested and spent for the benefit of the beneficiary typically the trust maker the person who created the trust at least during their lifetime. In determining your wishes think about your values.

Like a will a trust will require you to transfer property after death to loved ones. Trustees with fiduciary duty manage trusts according to the beneficiary s best interests.