Introduction to Living Trusts
Introduction to Living Trusts
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Revocable living trusts, created to avoid the expense and delay of probate, are the most common kind of trust.
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Both a living trust and a will serve to transfer property after we pass away, but they work very differently.
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Online Living Trust: Creating Your Own Living Trust
Living trusts are becoming more and more common, specifically as a way to avoid having your home and other valuable assets held up in probate. Learn about the options you have to create one with little fuss.
How Trusts Work
How Trusts Work
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What Property Is in the Living Trust?
If you're administering a living trust, first you need to find out what property was actually held in the trust.
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Terminating (Closing) a Living Trust
The trustee can terminate a living trust in just a few months. Here's what is involved in the process.
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Spendthrift Provisions in a Trust
A "spendthrift trust" is designed to protect a beneficiary who might otherwise quickly spend or lose any inheritance.
Types of Trusts
Types of Trusts
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Parents or grandparents typically set up trusts for children. These trusts often last for years, and put a heavy responsibility on the trustee.
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How a Special Needs Trust Works
Special needs trusts can make sure a beneficiary with a disability can inherit from family while staying eligible for important government benefits.
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Bypass trusts are used by wealthy couples to avoid paying the federal estate tax.
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An express trust is simply a trust that is created on purpose, and not imposed by a court.
Resources for Trustees and Successor Trustees
Resources for Trustees and Successor Trustees
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The “Executor” of a Trust: The Successor Trustee
The person who serves as the "executor" of a living trust is called the "successor trustee."
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Payment for Serving as Trustee
Being a trustee can involve a lot of work. Depending on the type of trust—living trust vs. long-term trust—there may be ongoing responsibility, so compensation is usually part of the deal.
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The Trustee's Duty to Invest Trust Assets
As a trustee handling other people's money, you must have an investment plan that complies with both the trust document and state law. This is the "prudent investor rule."
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Trust Beneficiary Notice Requirements: The Trustee's Legal Duty
It's the trustee's responsibility to keep beneficiaries informed about what's going on with the trust. Here's how to keep trust beneficiaries in the loop.
