LIVING TRUST

A living trust or intervivos trust is the most common type of trust and it is effective during the grantor’s lifetime and may continue after the grantor’s death. A trust is real or personal property held by a party for the benefit of oneself or someone else. A trust must have the following; (a) a specific purpose that is legal and does not go against public policy, (b) a designated beneficiary who is the party that the trust was created to benefit, and (c) specific duties for the trustee which may be one or several individuals or a corporation as designated by the person creating the trust, known as the grantor, trustor, settlor or maker.