Living Trust With

A trust is an arrangement in which one person, called the trustee, controls property for the benefit of another person, called the beneficiary. The person who creates the trust is called the settlor, grantor, or trustor.

A trust is an arrangement in which one person, called the trustee, controls property for the benefit of another person, called the beneficiary. The person who creates the trust is called the settlor, grantor, or trustor.

A will covers any property that is only in your name when you die. It does not cover property held in joint tenancy or in a trust. A trust, on the other hand, covers only property that has been transferred to the trust. In order for property to be included in a trust, it must be put in the name of the trust.

The trustee holds legal ownership of the borrower's home in trust until the loan is paid off.The lender has claim to the home if the borrower stops paying the loan before it's fully paid off because the trustee is only acting as an independent third party. A deed of trust often includes a power-of-sale clause.

The trustee is the legal owner of the property in trust, as fiduciary for the beneficiary or beneficiaries who is/are the equitable owner(s) of the trust property. Trustees thus have a fiduciary duty to manage the trust to the benefit of the equitable owners.

An owner of a trust account is the person who has the powers to modify or revoke the terms of the trust, referred to as the trustor/grantor/settlor within the trust.

To name a special needs trust as a beneficiary, use the name of the trustee and the full legal name of the trust as beneficiary: For example: Chris Lee as the trustee of The Pat Lee Special Needs Trust

Anyone who is single and has assets titled in their sole name should consider a Revocable Living Trust. The two main reasons are to keep you and your assets out of a court-supervised guardianship and to allow your beneficiaries to avoid the costs and hassles of probate.