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What Is a Living trust? Definition, Uses and Importance.

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A trust created during the maker’s lifetime. Some living trusts are set up so that they can be changed during the maker’s lifetime. These are called “revocable.” Others, known as “irrevocable,” are set up so that they cannot be touched.

Beneficiaries are often chosen from among the trust’s settlor, or “grantor,” who is referred to as the trust’s “settlor,” and who has a fiduciary duty to manage the trust responsibly in their best interests. In the event of the settlor’s death, the trust’s assets will be distributed to the beneficiaries in accordance with the terms of the trust agreement. Because a living trust is in force while the settlor is still alive, the trust does not have to go through the courts to reach its intended beneficiaries when he or she dies or becomes disabled.

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