A fuller guide to this term is on the way. In the meantime, the related terms below explain the ideas around it.
Related Brickyard terms
- Revocable TrustA trust you can change or cancel at any time while you are alive and mentally able.
- Irrevocable TrustA trust that usually cannot be changed once created, often used to reduce taxes or protect assets.
- TrusteeThe person or institution responsible for managing a trust's assets and following its instructions.
- GrantorThe person who creates a trust and places their assets into it, also called a settlor or trustor.
- WillA legal document that spells out who gets your property and who cares for your children after you die.
- ProbateThe court process that validates a will, pays debts, and distributes property after someone dies.
Turn this into a brick
Knowing what Living Trust means is knowledge — the first half. A brick gets placed when you act on it.
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Plain-English education — not personalized legal, tax, or investment advice.