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living trust :: legal definition


Living trust - n. sometimes called an inter vivos (Latin for "within one's life") trust, a trust created by a declaration of trust executed by the trustor or trustors (also called settlor or settlors) during his/her/their lifetime, as distinguished from a "testamentary trust," which is created by a will and only comes into force upon the death of the person who wrote the will. A living trust should not be confused with a "living will," which provides for medical care decisions when a person is terminally ill. While a living trust is a generic name for any trust which comes into existence during the lifetime of the person or persons creating the trust, most commonly it is a trust in which the trustor(s) or settlor(s) receive benefit(s) from the profits of the trust during their lifetimes, followed by a distribution upon the death of the last trustor (settlor) to die, or the trust continues on for the benefit of others (such as the next generation) with profits distributed to them. There are other types of living trusts including irrevocable trust, insurance trust, charitable remainder trust and some special- ized trusts to manage some parts of the assets of a person or persons.

See also: beach bum trust provision beneficiary inter vivos living will settlor spendthrift clause trust trustee trustor and Related Law Terms ↓


Related Law Terms

administrator :: n. the person appointed by the court to handle the ... e also: administer executor probate
advancement :: n. a gift made by a person to one of his or her ch ... tate gift in contemplation of death
capital gains :: n. the difference between the sales price and the ... so: basis delayed exchange exchange
charitable remainder trust (Charitable Remainder Irrevocable Unitrust) :: n. a form of trust in which the donor (trustor or ... ed up or committed. See also: trust
claim against an estate :: n. upon the death of a person and beginning of pro ... ade to the heirs. See also: probate
contempt of court :: n. there are essentially two types of contempt: a) ... roduce evidence. See also: sanction
contractor :: n. 1) a person or entity that enters into a contra ... actor mechanic's lien subcontractor
copyright :: 1) n. the exclusive right of the author or creator ... plagiarism public domain trademark
corporation :: n. an organization formed with state governmental ... ation public corporation securities
declaration of trust :: n. the document signed by a trustor (settlor) crea ... also: settlor trust trustee trustor
deed of trust :: n. a document which pledges real property to secur ... : foreclosure mortgage reconveyance
descent :: n. the rules of inheritance established by law in ... on inheritance intestate succession
disfigure :: v. to cause permanent change in a person's body, p ... . See also: damages general damages
distribute :: v. 1) the dividing up of those assets of an estate ... and distribution probate trust will
ejusdem generis :: (eh-youse-dem generous) v adj. Latin for "of the s ... t was of land-based transportation.
fiduciary :: 1) n. from the Latin fiducia, meaning "trust," a p ... lation fiduciary relationship trust
fiduciary relationship :: n. where one person places complete confidence in ... handling. See also: fiduciary trust
general partner :: n. 1) usually one of the owners and operators of a ... ted partnership partner partnership
generation skipping :: adj., adv. referring to gifts made through trusts ... to a grandchild without a gift tax.
gift in contemplation of death :: n. (called a gift causa mortis by lawyers showing ... ift tax unified estate and gift tax
guardian :: n. a person who has been appointed by a judge to t ... torship. See also: conservator ward
head of household :: n. 1) in federal income tax law, the person filing ... n or daughter. 3) "head of family."
heir :: n. one who acquires property upon the death of ano ... y pretermitted heir succession will
in kind :: adj. referring to payment, distribution or substit ... . See also: distribution trust will
inter vivos :: (in-tur veye-vohs) adj. Latin for "among the livin ... e will. See also: inter vivos trust
inter vivos trust :: n. a trust created by a writing (declaration of tr ... nter vivos testamentary trust trust
invitee :: n. a person who comes onto another's property, pre ... ail employees. See also: negligence
lapse :: 1) v. to fail to occur, particularly a gift made i ... eficiary devisee legatee trust will
lawsuit :: n. a common term for a legal action by one person ... See also: case cause of action suit
libel :: 1) n. to publish in print (including pictures), wr ... libel per se public figure slander
life estate :: n. the right to use or occupy real property for on ... hter, Sadie, will own the property.
limited partnership :: n. a special type of partnership which is very com ... mited liability partner partnership
living will :: n. also called "a durable power of attorney," it i ... upport. See also: power of attorney
marital deduction :: n. an estate tax deduction allowed a surviving spo ... community property estate tax trust
Massachusetts Trust :: n. a business in which the investors give manageme ... provide for eventual distribution.
mortgage :: n. a document in which the owner pledges his/her/i ... losure notice of default trust deed
murder :: n. the killing of a human being by a sane person, ... premeditation second degree murder
non-profit corporation :: n. an organization incorporated under state laws a ... harity corporation cy pres doctrine
notice :: n. 1) information, usually in writing in all legal ... Thirty-day notice three-day notice
partner :: n. 1) one of the co-owners and investors in a "par ... ner limited partnership partnership
partnership :: n. a business enterprise entered into for profit w ... partnership partner silent partner
per stirpes :: (purr stir-peas) adj. Latin for "by roots," by rep ... descent and distribution trust will
pour over will :: n. a will of a person who has already executed a t ... invalid trust. See also: trust will
promissory note :: n. a written promise by a person (variously called ... lso: interest obligee obligor usury
receiver :: n. 1) a neutral person (often a professional trust ... owing they were obtained illegally.
representative :: 1) n. an agent. 2) n. in probate law, a generic te ... of the conditions at the job site."
resulting trust :: n. a trust implied by law (as determined by a cour ... See also: constructive trust trust
settlor :: n. the person who creates a trust by a written tru ... the trust. See also: trust trustor
special appearance :: n. the representation by an attorney of a person i ... anged. See also: general appearance
statute of limitations :: n. a law which sets the maximum period which one c ... ies. See also: demurrer laches toll
testamentary trust :: n. a trust created by the terms of a will. Example ... vivos trust living trust trust will
title :: n. 1) ownership of real property or personal prope ... ink slip real property title search
trust :: n. an entity created to hold assets for the benefi ... testamentary trust trustee trustor
trustee :: n. a person or entity who holds the assets (corpus ... es. See also: settlor trust trustor
trustor :: n. the creator of a trust (who normally places the ... ern states. See also: settlor trust
will :: n. a written document which leaves the estate of t ... will and testament probate testator

Popular Law Searches

legal definition ministerial act :: n. an act, particularly of a governmental employee ... exercising any individual judgment.
chancery legal definition :: n. a court that can order acts performed. Today ch ... ts in most states. See also: equity
testamentary disposition legal definition :: n. how the terms of a will divide the testator's ( ... named beneficiaries. See also: will
contract of sufferance :: n. a "hold-over" tenancy after a lease has expired ... y tenancy at will unlawful detainer
forthwith legal definition :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
forthwith definition legal :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
what is to wit in a legal contract :: prep. that is to say. Example: "the passengers in ... tty Bumgartner and Sherry Younger."
mirror wills legal definition :: n. the wills of a husband and wife which are ident ... d each names the other as executor.
clean hands doctrine latin :: n. a rule of law that a person coming to court wit ... ices. See also: affirmative defense
sine qua non only relates to contract law :: (see-nay kwah nahn) prep. Latin for "without which ... qua non of the injury to Playmate.

Other Law Terms - L

labor and materials :: (time and materials) n. what some builders or repa ... track of actual labor hours worked.
laches :: n. the legal doctrine that a legal right or claim ... , breach of contract, fraud, etc.).
land :: n. real property, real estate (and all that grows ... See also: real estate real property
landlady :: n. female of landlord or owner of real property fr ... rents or leases. See also: landlord
landlocked :: adj. referring to a parcel of real property which ... which it was created (carved out).
landlord :: n. a person who owns real property and rents or le ... so: lease lessee lessor rent tenant
landlord and tenant :: n. the name for the area of law concerning renting ... ord lease lessee lessor rent tenant
landlord's lien :: n. the right of a landlord to sell abandoned perso ... to the ex-tenant and a public sale.
lapse :: 1) v. to fail to occur, particularly a gift made i ... eficiary devisee legatee trust will
larceny :: n. the crime of taking the goods of another person ... : grand larceny petty larceny theft
last antecedent rule :: n. a doctrine of interpretation (construction) of ... o trucks and not boats or tractors.
last clear chance :: n. a rule of law in determining responsibility for ... contributory negligence negligence
last will and testament :: n. a fancy and redundant way of saying "will." Law ... writing another one. See also: will
latent defect :: n. a hidden flaw, weakness or imperfection in an a ... warranty product liability warranty
lateral support :: n. the right of a land- owner to assurance that hi ... support problems are less dramatic.
law :: n. 1) any system of regulations to govern the cond ... um maritime law natural law statute
law and motion calendar :: n. a court calendar in which only motions and spec ... special legal arguments are heard.
law book :: n. any of numerous volumes dealing with law, inclu ... : common law law Shepardize statute
law of admiralty :: n. statutes, customs and treaties dealing with act ... w. See also: Jones Act maritime law
law of the case :: n. once a judge has decided a legal question durin ... he ruling is the "law of the case."