Living trust

Living trust,

Definition of Living trust:

  1. A trust which is created during the lifetime of the settlor.

  2. A living trust is a legal document, or trust, created during an individual's lifetime where a designated person, the trustee, is given responsibility for managing that individual's assets for the benefit of the eventual beneficiary. A living trust is designed to allow for the easy transfer of the trust creator or settlor's assets while bypassing the often complex and expensive legal process of probate. Living trust agreements designate a trustee who holds legal possession of assets and property that flow into the trust.

  3. Revocable trust created by transfer or gift of property from its living creator (trustor) to one or more beneficiaries as an estate planning device. Its main objective is to avoid probate, or to achieve a speedy-transfer of assets. However, it does not protect the trust assets from the trustors creditors.

  4. Living trusts are managed by a trustee who typically has a fiduciary duty to manage the trust prudently in the best interests of the trust's beneficiary or beneficiaries designated by the trust settlor, also called a grantor. Upon the death of the settlor, these assets flow to the beneficiaries according to the grantor's wishes as outlined in the trust agreement. Unlike a will, however, a living trust is in effect while the settlor is alive and the trust does not have to clear the courts to reach its intended beneficiaries when the settlor dies or becomes incapacitated. .

How to use Living trust in a sentence?

  1. Living trusts can be either irrevocable or revocable.
  2. A living trust designates a trustee to manage assets for the beneficiary, while the grantor is still alive.
  3. Trustees with fiduciary duty manage trusts according to the beneficiary's best interests.

Meaning of Living trust & Living trust Definition

Living Trust,

Living Trust Definition:

  • A living trust is a legal document or trust that is created in a person's life when a particular person, administrator, manages that person's property for the benefit of the last person responsible. Living trust funds are created to facilitate the transfer of assets from founders or settlers, so as to ignore the often complex and costly legal process of inheritance. A lifetime trust agreement is a contract with a trustee who is the legal owner of the assets and properties that go into trust.

    • Appoints a guardian to manage the assets of a living trust recipient while the settlers are still alive.
    • The administrator maintains trust in the best interests of the beneficiary.
    • Living beliefs cannot be eradicated.

  • Agreements that designate trustees who legally hold funds or assets from another person or organization known as the recipient. A person builds a lifelong trust, usually helping the beneficiary to easily transfer assets after the person's death.

  • A trust has been formed under which the assets can be transferred to someone while the settler (the person who owns the assets) is still alive. While living, the trustees avoid dealing with the legal aspects of the will.

  • A simple definition of Living Trust is: The trust that is created while the creator of trust is still alive. Also called trust interviews.

  • A simple definition of Living Trust is: A belief is established and it applies to other people's lives as well. Also called a trust interview.

Literal Meanings of Living Trust

Living:

Meanings of Living:
  1. Enough income or means of earning a living.

Synonyms of Living

means of support, maintenance, live, upkeep, daily bread, source of income, keep, lifestyle, mode of living, life, alive, way of life, sustenance, nourishment, income, way of living, subsistence, means, manner of living, livelihood, having life

Trust:

Meanings of Trust:
  1. One's belief, truth, skill or one's power or unshakable belief in something.

  2. A contract in which an individual (sincere) owns the property as a nominal owner for the benefit of one or more beneficiaries.

  3. Big companies trying to gain monopoly control in the market.

  4. Business credit

  5. Hope or optimism

  6. Believe in reliability, truth, skill or power.

  7. Credit permission for (customer)

Sentences of Trust
  1. Relationships should be based on trust

  2. A relationship of trust has been established

  3. He himself uses the language of progressive reformist rhetoric to turn the store and its followers into wealthy, monopolistic and powerful people.

  4. My boss trusts the brewery

  5. Feminine any great faith

  6. I shouldn't believe it

  7. It is forbidden for anyone to trust a sailor

Synonyms of Trust

sureness, have confidence in, conviction, confidence, faith, keeping, certainty, pin one's faith on, safe keeping, care, believe in, custody, pin one's hopes on, certitude, protection, credence, freedom from doubt, freedom from suspicion, belief, put one's trust in, reliance, have faith in, charge, place one's trust in, have every confidence in