What is a living trust?

A Living Trust is a written legal document that allows for the transfer of property to be handled outside of probate court in Alabama. It is also known as a revocable trust and is used to avoid probate and preserve the privacy of the transfer of assets. The trust is created during the lifetime of the creator, known as the grantor, and funded with property and assets, forming an ownership structure used to manage the assets. The trust is managed by a trustee who holds legal title to the trust property for the benefit of the trust beneficiaries. The grantor retains control of the trust and can modify, add to, or terminate it during his or her lifetime. A living trust can also be used as a tool to help minimize taxes and administrative costs associated with transferring assets. Upon the death of the grantor, the trust property is transferred to beneficiaries according to the instructions in the trust document without having to go through the court process. This allows for the transfer of assets to be done quickly and privately.

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What is a living trust?

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