What is a Living Trust?

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Q: What is a Living Trust?

A: Living trusts are documents that give a Trustee the responsibility of managing assets in the Trust.  Usually, the individual creating the trust is named the initial Trustee, and he or she appoints a successor Trustee if he or she dies or becomes incompetent or incapacitated.  The primary difference between a living trust and a will is that with a living trust, property in the estate can transfer under the trust during an individual’s lifetime.  There are a variety of other benefits to choosing a trust over a will and an elder law attorney can advise you on which method is more beneficial to your unique circumstances.

Posted about General in our FAQs section.