What Is A Living Trust Living Trusts Explained Youtube Keep reading to learn more about living trusts and whether it's right for you Image source: Getty Images A living trust is also known as a revocable trust or an inter vivos trust It's a legal There are two basic types of trusts: living trusts and testamentary trusts A living trust or an "inter-vivos" trust is set up during the person's lifetime A Testamentary trust is set up in a
Living Trusts Explained What Is A Living Trust And Why Should You Use Kelsey Simasko — attorney at Simasko Law in Mount Clements, Michigan — explained that you can use a living trust to help avoid your assets going through probate court Living trusts may also the discretion of living trusts is much appreciated A living trust can be revocable or irrevocable An irrevocable trust cannot generally be changed after it's created A revocable trust can All trust funds are either revocable or irrevocable Both are referred to as "living" trusts when the grantor creates them during their lifetime A "testamentary" trust is one that's created after But another option worth considering is a living trust And there's a less obvious reason why a living trust may be the ideal solution for your family When you pass away and have a will
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