living trust

Englisch - Englisch

Definition von living trust im Englisch Englisch wörterbuch: A trust that becomes operative during the lifetime of the settlor; opposed to a trust under will The same as a trust inter vivos; a trust that one establishes during one's lifetime which is not part of one's will, but is usually established by a separate written trust agreement The same as "inter vivos trust "; A trust that is created and goes into effect during the lifetime of the grantor; An arrangement which takes effect during the lifetime of the creator of a trust A living trust avoids probate on assets, which are titled in the name of the trustee of the trust As of 1998, the terms of a trust must be revealed to beneficiaries and heirs of the creator of the trust when the terms become irrevocable The terms usually become irrevocable when the creator of the trust dies; A trust set up and in effect during the lifetime of the grantor Also called inter vivos trust; A trust that is created during the grantor's life time by revocablely (the grantor may make changes at any time prior death) transferring property to a trust but retains the power to alter the trust The trust assets avoid probate and publicity upon the death of the grantor All assets in the trust are treated as an incomplete gift and do not change the income, estate or gift tax status of the grantor; A trust created during the lifetime of the one who sets it up See also testamentary trust; A trust that an individual establishes during the individual's lifetime, enabling the person to control the assets contributed to the trust Also known as an inter vivos trust; Trust established during the life of the trustee; A trust created during someone's lifetime to hold assets during that person's lifetime and thereby remove those assets from probate at death; A trust created during your lifetime It is revocable, which means it can be amended or terminated anytime while you are competent It is legally referred to as a revocable inter vivos trust The trust becomes irrevocable upon your death A living trust is used primarily to avoid probate and manage property It does not save taxes; a trust created and operating during the grantor's lifetime; A trust which is in effect during the life of the grantor; A trust that takes effect while the settlor is still alive; A trust established during the lifetime of the grantor; An arrangement in which a property owner (trustor) transfers assets to a trustee who assumes specified duties in managing the asset After payment of operating expenses and trustee's fees, the income generated by the trust property is paid to or used for the benefit of the designated beneficiary; A revocable trust formed while you are alive It is often used to avoid probate or to provide for the orderly management of assets if you should become disabled or incompetent BACK TO TOP; A trust created during the grantor's lifetime, which becomes effective during the grantor's lifetime as opposed to a testamentary trust, which takes effect at the death of the grantor A living trust is also known as an inter vivos trust; A revocable or irrevocable trust created during the life of the grantor that is also known as an inter vivos trust; A trust that can be revoked by its creator Revocable trusts become irrevocable when their creators die They can become irrevocable sooner if the creators give up the power to revoke The most common kind of revocable trust is a device used as a testamentary or will substitute Their principal purpose is to avoid probate Topic areas: Fundraising and Financial Sustainability; a trust that is created while the trustor is still alive It can be either revocable (changed during the trustor's lifetime) or irrevocable (unchangeable); Under a living trust, the management of a person's property is left to a trustee with instructions for distributions during the lifetime of the individual and at his or her death These distributions may include charitable gifts, such as those to the Indiana University Foundation, for Indiana University; A written legal document that creates an entity to which you transfer ownership of your assets Contains your instructions for managing your assets during your lifetime and for their distribution upon your incapacity or death Avoids probate at death and court control of assets at incapacity Also called a revocable inter vivos Trust A Trust created during one's lifetime; A trust set up and in effect during the lifetime of the grantor (Also called inter vivos trust ); Trust made during the lifetime of the grantor as opposed to one that is created by the will of the Grantor Living trusts can be revocable or irrevocable