living trust
3
6.0
- noun
- /ˈlɪvɪŋ trʌst/
- Specialized
:
fideicomiso en vida
- If you decide to transfer your property into a living trust, you will need to change the property's title to reflect the ownership change.
- a revocable living trust
- create a living trust
- set up a living trust
Examples
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A living trust can provide a tax shelter so your kids or spouse owe less upon your death.
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A living trust may be a better way to transfer property ownership.
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However, some states do tax living trust transfers.
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If you have already set up an estate plan, such as a living trust, review it at least yearly and update it if needed.
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The sole purpose of a living trust or a family trust is to avoid probate when you die.
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A living trust will allow you to avoid probate while maintaining maximum tax advantage, flexibility, privacy, and protection for yourself.
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When the settlor (the person setting up the trust) dies, the living trust assets are distributed according to the trust's terms.
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In the event you don't have a properly written revocable living trust or will, your assets will not move the way you want them to move when you pass on.
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One way to avoid probate is to put your property into a living trust.
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The primary beneficiaries of their living trust are Michael and Rose.
Synonyms
A trust made while the owner is alive to manage money or property for other people
Surface Forms
Morphology
The meaning is compositionally derived from 'living' (while alive) + 'trust' (a legal arrangement), so a learner who knows both words can infer it denotes a trust that operates during the settlor's lifetime. Some legal details (e.g. avoiding probate) require specialist knowledge, but the core concept is directly predictable from the constituents.
Etymology
Living trust comes from creating a trust, a safe box for your money and property, while you are living, not after you die. Because it is set up during your life, you keep control and can avoid the long court process after someone dies called 'probate', so it now means a trust that works while you are alive and helps keep your affairs private.