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A living trust is a general term for any trust which is written during the lifetime
of the those creating the trust. Usually, a trust benefits someone (usually a relative
such as a grandchild) who receives benefits from the trust during their lifetimes
and upon the death of the trustor.
Other types of living trusts including irrevocable trust, insurance
trust, charitable remainder trust and specialized trusts that dictate the management
of assets. A living trust is sometimes to avoid probate.
The creator of the trust transfers ownership of his property from
himself to the trust itself. Upon his death, the person or persons named as beneficiaries
acquire ownership of the property of the trust.
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