Saturday, 10 September 2016

Term of the Day living trust

trust created for the trustor and administered by another party while thetrustor is still alive. A living trust can be either revocable or irrevocable. A living trust avoids probate and therefore gets assets distributed significantly more quickly than a will does. It also offers a higher level of confidentiality, asprobate proceedings are a matter of trusts are 
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Usage Example
After my father sold his company for hundreds of millions of dollars, he decided to give me some of the money before he died by creating a living trust for me.
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