Roman law had a well-developed concept of the trust (fideicommissum) in terms of "testamentary trusts" created by wills but never developed the concept of the inter vivos (living) trusts which apply while the creator lives. This was created by later common law jurisdictions. Personal trust law developed in England at the time ...
Learn how Definition of a Living Trust affects you in the Living Trust Guide at LegalZoom.
A property interest created during a person's life that allows easy transfer of assets without going through the process of probate. A living trust is an agreement where the trustee holds the legal possession of a fund or assets that belong to another person, the beneficiary, and it is created while the person is alive.
Sep 15, 2010 ... What is the difference between a living trust and a will? Both a will and a living trust contain your inheritance instructions, meaning who gets what, when they get it, and how. "A trust is often preferred for people concerned with privacy and avoiding probate," says attorney Thomas J. Bogar of Cheltenham, Pa.
A living trust is a legal document created by you (the grantor) during your lifetime. Just like a will, a living trust spells out exactly what your desires are with regard to your assets, your dependents, and your heirs. The big difference is that a will becomes effective only after you die and your will has been entered into probate.
Sep 29, 2017 ... A revocable living trust -- sometimes simply called a living trust -- is a legal entity created to hold ownership of an individual's assets. The person who forms the trust is called the grantor or trustmaker, and in most cases, he also serves as the trustee, controlling and managing the assets he placed there.
Jan 15, 2016 ... Why have a living revocable trust? Here are 6 surprising reasons you may or may not want to use this estate-planning tool versus a will.
Definition of Living Trust in the Legal Dictionary - by Free online English dictionary and encyclopedia. What is Living Trust? Meaning of Living Trust as a legal term. What does Living Trust mean in law?
A trust set up during life that can be revoked at any time before death. Revocable living trusts are a common and excellent way to avoid the cost and hassle of probate, because the property held in the trust during life passes directly to the trust beneficiaries after the trust maker's death, without probate court proceedings .