Wills & Trusts
The Law Office of Mark A. Reed
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Quick Overview of Living Trust Law
The Living Trust, as it is commonly called is, in fact, an Inter Vivos Trust which means the trust will exist only during the lifetime of the Trust Maker (Trustor). There is an exception to this lifetime provision when the trust is continued after the death of the Trustor for the benefit of one or more beneficiaries (heirs) by reason of age or other conditions. There are two types of Living Trust, “Revocable” and “Irrevocable.” A Revocable Living Trust is one that can be revoked at any time by the Trustor. The Irrevocable Living Trust is one that cannot be revoked without written consent of the beneficiaries. Even though the title to the trust property is in the name of the Trustee (usually the Trustor), no authority or power to control the property is lost since any action the Trustor could engage in as the sole owner of the property is readily available to her/her as the Trustee under the Terms of the Trust. In other words, a Living Trust is a vehicle that can be legally operated or legally aborted at the will of the Trustor or Trustors, while fully preserving an estate that will pass to his or her heirs without the necessity of a cumbersome and costly probate.
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