There are many kinds of trusts. A living trust (also called an inter vivos trust) is simply a trust you create while you’re alive, rather than one that is created upon your death under the terms of your will. All living trusts are designed to avoid probate. Some also help you save on estate taxes, while others let you set up long-term property management. A trust, like a corporation, is an entity that exists only on paper but is legally capable of owning property. However, a live person called the trustee must be in charge of the property. Further, you can actually be the trustee of your own living trust, keeping full control over all property legally owned by the trust. Note: Property held in trust that is actually “owned” by the t…Read More
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