What is a Living Trust?

A living trust is an arrangement where one person is appointed as a trustee.  Once appointed, the trustee holds legal title to property that is to be owned by another person, known as a beneficiary.  Living trusts are a type of simple will that people can create while they are still living.

People often create living trusts to avoid probate, lessen estate taxes and also to set up long-term property management for their valuables and assets.  By taking the time to create a living trust, people can avoid having the need for probate and the paying of probate fees.

Generally, there are two popular types of living trusts.  The first is a basic living trust for an individual or a couple that avoids probate.  The second is an AB trust for a couple that avoids probate and saves money on estate taxes.

To learn more about living trusts, contact Claery & Green and speak with a Los Angeles family law attorney today!