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Living Trust

Definition

A legal document that lets you manage your assets during your lifetime and outlines how they should be distributed after your death. It can help avoid probate.

What to consider

  • Consider setting up a trust if you want to simplify asset distribution later.
  • Review its structure as your family and finances evolve.
  • Consult with a professional to ensure it meets your needs.

Real world scenarios

  • Howard creates a living trust, placing assets like his home and investment accounts inside to simplify inheritance for his children.
  • Deb revisits her living trust after her second child is born, updating beneficiaries to reflect new family circumstances.
  • A living trust spares Sonya’s family from the delays and costs of probate when she passes, distributing assets smoothly.

Related terms

Bankruptcy
Guardianship
Car Title
Postnuptial Agreement
Inheritance Tax

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