Living Trusts at John Gavin Real Estate & Law
River View

WHAT IS A LIVING TRUST?

A Living Trust is an efficient method of holding title to all of your property. It will protect you and your assests during your lifetime. A Living Trust is Inter vivos, meaning "living." As such, it can reflect the constant changes we go through. And it will efficiently distribute your estate to your heirs without the need for court intervention.

HOW DOES IT WORK?

When you create a trust you will normally have three roles. First, You, in your role as the creator of the trust, agree to be the Trustor and you transfer your assests into the name of your trust. Second, you, agree to act as the Trustee or "manager" over these assests. You still have "complete control" over them and make all of the decisions governing them.

You can buy, sell, use, borrow, or do anything else you could have done with the property in your own name. And, finally, you are the beneficiary of the trust assests during your lifetime.

As you can see, you maintain full control of your assests and their dispositions. Upon the death of one of the trustors (if a married trust), the remaining Trustor still has complete control of the estate. Upon the death of both Trustors, the trust becomes irrevocable (unchangeable) and the successor trustee, who you have appointed, takes charge and carries out your instructions to distribute your asests.