What is a living trust?

A living trust is a legal document that allows a person to transfer their property and assets to another individual or entity while they are still alive. This means that when the person dies, their assets and property will not have to go through the probate process. This is done by creating a trust, which is a separate legal entity from the person that holds the assets. The person creating the trust is known as the grantor, and the individual or entity that holds the assets is known as the trustee. Living trusts can be revocable or irrevocable. A revocable trust allows the grantor to make changes to the trust during their lifetime, while an irrevocable trust cannot be changed once it is created. The trustee is responsible for managing and protecting the assets as the grantor requested in the trust document. A living trust can be a great way to protect property while providing for a smooth transition of assets after the grantor’s death.

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