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Last Updated August 5, 2008 |
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A living trust is a legal document that places possessions of a person (grantor) in trust for the use of other people (beneficiaries). Typical of the types of property placed in living trusts are houses, stocks, or bank accounts. Many people name themselves as the trustee (administrator) of the trust during their lifetimes and name a successor trustee to administer the trust if the grantor no longer wishes to administer the trust, becomes incapacitated, or dies. While a trust is created during a grantor's lifetime, it may last well beyond the grantor's death. |
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