|
|
Living Trusts
Living trusts are usually established to avoid probate and to minimize estate taxes. When establishing a living trust, the owner of assets places the titles of real estate and/or other assets in a trust while the owner is still alive. The trust document specifies how the assets are to be managed and distributed after the individual’s death. Usually people who create a living trust name themselves as trustee; therefore, they retain control over the assets during their lifetime.
Generally, assets placed in a living trust will be considered available property but you must still follow the steps described above to determine type of trust, revocability and treatment.
Related Topics
Identifying Characteristic of Trusts
Trusts: Similar Legal Devices (SLD)