A living trust, also known as a revocable living trust or a revocable trust, is a legal document that establishes to transfer of the assets upon your death by passing the complex and often expensive process known as probate. Under the terms of the living trust, the grantor of the trust transfers ownership of property or other assets to the successor trustee.
Types of Living Trust
There are two types of trust, revocable trusts, and irrevocable trusts. Some grantors may start with revocable trusts and convert them to irrevocable trusts later when they are sure of the beneficiaries. Once the grantor dies, the revocable trust automatically converts into an irrevocable trust.
Revocable Trust
A revocable trust is a flexible trust as it can be canceled or changed at any time before the grantor's death.
Irrevocable Trust
An irrevocable trust cannot be changed or modified once created. Once the grantor transfers real estate or other estates to the successor trustee, he/she cannot undo the action. Given that this means less flexibility.
Why Monday Morning Trust?
When drafting the living trust, you should hire a full-service firm that assists you in creating an affordable trust package. At Monday Morning Trust, our legal document assistants have over 23 years of experience planning and settling estates in the USA. A unique collaboration of firms and legal professionals ensures that your document is accurate through in-depth information-gathering sessions.
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