A living trust is a written legal document that partially substitutes for a will. Your assets (yourhome, bank accounts, stocks, etc) are put into the trust, administered for your benefit duringyour lifetime, and then transferred to your beneficiaries when you pass. The living trust described on this page is a revocable living trust, sometimes referred to as a revocable inter vivos trust or a grantor trust. Such a trust may be amended or revoked at anytime by the person or persons who created it (commonly known as the trustor(s), grantor(s)or settlor(s)) as long as he, she, or they are still competent.
Your living trust agreement:
• Gives the trustee the legal right to manage and control the assets held in your trust.
• Instructs the trustee to manage the trust’s assets for your benefit during your lifetime.
• Names the beneficiaries (persons or charitable organizations) who are to receive your trust’s assets when you die.
• Gives guidance and certain powers and authority to the trustee to manage and distribute your trust’s assets.
Law Offices of Hathaway, Perrett, Webster, Powers, Chrisman & Gutierrez - 805-644-7111
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