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What Is a Living Trust?
The living trust is described as revocable living trust in its information sheet. It is sometimes referred to as revocable inter vivos trusts, or a grantor trust. A living trust can be adjust or revoked by the person creating it (Also well-known as a trustor, grantor, or settler), at time during the trustor’s lifetime, as long as the trustor is competent.

A trust is a writing legal agreement between the person creating the trust and the person or institution named to manage the assets held in the trust. In many cases, it is appropriate for you to be the initial trustee of your living trust, until management assistance is anticipated or required.

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In a living trust agreement:

•The assets held in the trust are legally run, managed and control by the trustee.

• The trust provides for the persons or charitable organizations ("beneficiaries") who are to receive the income and principal on or after the trustor's death.

• The trust property is distributed, managed and authorized in a prudent fashion given by the trustee. The trustee is a "fiduciary." A fiduciary is one who occupies a position of trust and confidence and is subject to strict responsibilities, usually higher standards of performance than one who is dealing with his or her own property. Without the trustor's express written permission, the trustee cannot use trust property for the trustee's own personal use, benefit or self-interest. One must hold the trust property solely for the benefit of the beneficiaries of the trust.

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