Living Will And Trust Definition

Like a will a trust will require you to transfer property after death to loved ones.

Living will and trust definition.

Trustees with fiduciary duty manage trusts according to the beneficiary s best interests. It s revocable because as long as you re mentally competent you can change or dissolve the trust at any time at your own discretion for any reason. Let s focus on a revocable living trust for the purpose of estate transfer. A revocable living trust is a written agreement designating someone to be responsible for managing your property it s called a living trust because it s established while you re alive.

A living trust is a legal entity created by individuals to hold and own their assets after they transfer them into the trust s ownership. A living will is a written legal document that spells out medical treatments you would and would not want to be used to keep you alive as well as your preferences for other medical decisions such as pain management or organ donation. In a living trust you can name your spouse partner child or other trusted person to have authority over trust property if you become incapacitated and unable to manage your own affairs. Just like a will a living trust spells out your wishes regarding your assets dependents and your heirs.

In determining your wishes think about your values. A living trust designates a trustee to manage assets for the beneficiary while the grantor is still alive.