What is a living trust

A will is a legal document that allows an individual to distribute his/her property to chosen people. You designate beneficiaries to receive specific items you will be leaving behind upon your demise. A will is initiated after you die. On the other hand, a living trust can benefit you while you are still alive.

What is a living trust? It is a trust established during your lifetime. It is revocable, meaning you can make changes if you need to. With this, the trust will be referred to on how to manage your financial affairs as well as your care, in case you become incapacitated or disabled. It will be the mechanism how your property should be managed before and after your death, as well as provide how those assets and the income earned by the trust are distributed after your death.

Related posts:

1. Is the Living Trust for You?
2. The Need for a Living Will
3. Making Health Care Choices Clear
4. independent living
5. senior living