Family Office Definition: Living Trust
Living Trust definition: A living trust is created and funded during the grantor’s lifetime. (As opposed to a testamentary trust, which is created following a grantor’s death.) The grantor is responsible for income taxes for a living trust. A living trust is not subject to probate. Another benefit of living trust agreements is that successor trustees can assume management duties before death when it is no longer feasible for the trustor (such as Alzheimer’s disease or other illnesses).
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