A living trust is a type of trust that is created and funded during the grantor's lifetime. This is in contrast to a testamentary trust, which is created after the grantor's death through their will. Like a revocable trust, a living trust can be modified or cancelled by the grantor at any time, and the grantor retains a high degree of control over the trust and its assets. A living trust can be a useful estate planning tool because it can help the grantor avoid the time and expense of probate, a legal process that is required to distribute a person's assets after their death.
This is not legal advice. If you have question regarding a Living Trust, please schedule a consultation by contact our office at (202) 499-2403 or 1(833) CALLJKW (225-5559).