A Living Trust is a document used in estate planning that allows the Grantor to transfer property to the Beneficiaries named in the Living Trust. They are popular because they can pass assets while avoiding the sometimes costly and time consuming probate process and can help maintain privacy. Living Trusts can be either revocable or irrevocable, but become irrevocable on the Grantor’s death. Sometimes they are called inter vivos trusts because they are created during the Grantor’s lifetime. A Trustee is named in the Living Trust to manage the Trust.
Definition of Living Trust.