Your family
Noone ever wants to think about the inevitable but it is necessary. Even those that do plan for the inevitable what about the unfortunate case of incapacitation? There is one question you should ask yourself first and foremost. "Have I done a Living Trust?"
LIving Trust
A revocable inter vivo trust (living trust) is created for the purpose of holding ownership to an individual’s assets during the person’s lifetime, and for distributing those assets after death.
The individual who creates the trust (the grantor) names a person who will serve as trustee and will follow the trust’s terms after the grantor dies. While alive, the grantor usually may serve as a trustee and control the assets even though they belong to the trust.
Why is it called a Living Trust?
It is called a living trust because it is created during the grantor’s lifetime, and takes effect during the grantor’s lifetime. By contrast a Will does not take until after death.
What is the best advice for consumers?
When you are planning for the disposition of your estate, avoid dealing with anyone but a trusted and will-referred professional in your community. Do not agree to contact for any legal service from someone selling door-to-door or over the phone. If you have already purchased a Living Trust on that basis, take the time to show it to an attorney. If you have a complaint concerning the marketing or sale of a Living Trust, contact the nearest office of the Attorney General.