living trust
living trust see trust

Merriam-Webster’s Dictionary of Law. . 1996.

living trust
A trust that is set up during a person's life. Living trusts are a common and excellent way to avoid probate at death, and may also reduce federal estate tax. Also called "inter vivos trust." (See also: revocable living trust, testamentary trust)
Category: Wills, Trusts & Estates → Estate Tax

Nolo’s Plain-English Law Dictionary. . 2009.


living trust
A property right, held by one party for the benefit of another, that becomes effective during the lifetime of the creator and is, therefore, in existence upon his or her death.

Dictionary from West's Encyclopedia of American Law. 2005.


living trust
I
A property right, held by one party for the benefit of another, that becomes effective during the lifetime of the creator and is, therefore, in existence upon his or her death.
II A trust set up and in effect during the lifetime of the grantor. (Also called inter vivos trust.)

Short Dictionary of (mostly American) Legal Terms and Abbreviations.

living trust
n.
   sometimes called an inter vivos (Latin for "within one's life") trust, a trust created by a declaration of trust executed by the trustor or trustors (also called settlor or settlors) during his/her/their lifetime, as distinguished from a "testamentary trust," which is created by a will and only comes into force upon the death of the person who wrote the will. A living trust should not be confused with a "living will," which provides for medical care decisions when a person is terminally ill. While a living trust is a generic name for any trust which comes into existence during the lifetime of the person or persons creating the trust, most commonly it is a trust in which the trustor(s) or settlor(s) receive benefit(s) from the profits of the trust during their lifetimes, followed by a distribution upon the death of the last trustor (settlor) to die, or the trust continues on for the benefit of others (such as the next generation) with profits distributed to them. There are other types of living trusts including irrevocable trust, insurance trust, charitable remainder trust and some special- ized trusts to manage some parts of the assets of a person or persons.

Law dictionary. . 2013.

Look at other dictionaries:

  • Living trust — A living trust (inter vivos trust) is a trust created during a person s lifetime. Living Trusts in the United StatesIn the United States, a living trust refers to a trust that may be revocable by the trust creator or settlor (known by the IRS as… …   Wikipedia

  • living trust — A trust that an individual establishes during the individual s lifetime, enabling the person to control the assets contributed to the trust. Also known as an inter vivos trust. Bloomberg Financial Dictionary * * * living trust living trust ➔… …   Financial and business terms

  • Living Trust — A property interest created during a person s life that allows easy transfer of assets without going through the process of probate. A living trust is an agreement where the trustee holds the legal possession of a fund or assets that belong to… …   Investment dictionary

  • living trust — noun a trust created and operating during the grantor s lifetime • Syn: ↑inter vivos trust • Hypernyms: ↑trust * * * noun : a trust created by the transfer of property by its owner to a living or existing person to hold as trustee : a trust inter …   Useful english dictionary

  • living trust — a trust that takes effect during the lifetime of the settlor. Also called trust inter vivos. Cf. testamentary trust. * * * …   Universalium

  • living trust — noun Date: 1873 a trust that becomes effective during the lifetime of the settlor called also inter vivos trust …   New Collegiate Dictionary

  • living trust — An active trust. Also, a trust inter vivos …   Ballentine's law dictionary

  • revocable living trust — A trust set up during life that can be revoked at any time before death. Revocable living trusts are a common and excellent way to avoid the cost and hassle of probate, because the property held in the trust during life passes directly to the… …   Law dictionary

  • trust — n 1 a: a fiduciary relationship in which one party holds legal title to another s property for the benefit of a party who holds equitable title to the property b: an entity resulting from the establishment of such a relationship see also… …   Law dictionary

  • trust declaration — See: declaration of trust Category: Wills, Trusts & Estates → Estate Tax Category: Wills, Trusts & Estates → Living Wills & Medical Powers of Attorney Nolo’s Plain English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009 …   Law dictionary

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”