What is a Living Trust?

Hurley Elder Care Law was founded by Miles Hurley in response to what he identified as a growing need for families and individuals to address concerns that involve getting older. Keeping with that mission, this recent post on the firm’s blog offers excellent advice regarding living trusts.


What is a Living Trust?

What is a living trust?

A trust is a legal way of holding, managing and distributing property. All trusts must have four elements:

There must be someone who creates the trust, who is called the “trustor” or the “grantor.”
There must be assets, usually called the trust “corpus.”
There must be someone who holds, manages, and distributes the assets, who is called the “trustee.”
The trust must have a purpose. The person for whose benefit the trust is created is called the “beneficiary.”
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