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What is a trust? What are the advantages of a living trust?

April 26, 2017advantages Living trust Trust

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What is a trust? What are the advantages of a living trust?

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An intervivos (living) trust is a probate avoidance device wherein a person or persons puts something of value in a legal entity called a “trust.” During an individual’s lifetime it is really just a legal fiction, but it assumes a very real presence after death. The two biggest advantages of a living trust are: a) it does not need to be probated thus avoiding probate costs b) it allows the successor trustee to immediately transfer all trust property to the beneficiaries. (Probate is time consuming).