Wills & Trusts

Wills & Trusts from The Law Office of Mark A. Reed

By: The Law Office of Mark A. Reed  09/21/2015
Keywords: Wills, Estate Lawyer, Property Attorneys

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.

Keywords: Estate Lawyer, Property Attorneys, Wills

Contact The Law Office of Mark A. Reed

Email

Print this page

Other products and services from The Law Office of Mark A. Reed

09/21/2015

Bankruptcy Law

“The development of bankruptcy legislation has been toward relieving the honest debtor from oppressive indebtedness and permitting such a debtor


Divorce Family Law from The Law Office of Mark A. Reed thumbnail
09/21/2015

Divorce Family Law

If you are contemplating divorce or legal separation, it is imperative that you seek skilled legal counsel in this trying