Wills or Trusts
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by Roger Lawson
Category: Personal Finance/Business
Description: An insiders guide to Wills and Trusts. Covers terms, trustees, wills, estates, even has a sample Living Trust Document to allow you to fill in the blanks.
eBook Publisher: MH Publishing,
eBookwise Release Date: September 2004
Available eBook Formats: OEBFF Format (IMP) [30 KB]
Reading time: 16-23 min.
Simply put, living trusts are an expedient way to transfer property at your death. A living trust is a legal document that controls the transfer of property in the trust when you die.
Generally, living trusts are established during an individual's lifetime and can be modified or changed while that person is still alive. Circumstances do change and the option to make alterations in the trust is important.
For this reason, a living trust is set up on a "revocable" basis. Revocable means you can modify or change the trust's provisions. Your other option would be to create an irrevocable trust. Once put in place, you are unable to change the terms of the trust regardless of the circumstances.