What is a Living Trust?
A Living Trust is an agreement with three parties: the Trust-makers, the Trustees (or Trust Managers), and the Trust Beneficiaries. For example, a husband and wife typically name themselves all three parties to create their trust, manage all the assets transferred to the trust, and have full use and enjoyment of all the trust assets during their lifetimes as the beneficiaries. Further “back-up” managers may step in under the terms of the trust to manage and administer the trust assets should the couple become incapacitated or die. With proper planning the Living Trust should allow them to accomplish all this outside of any court proceeding.