What is a Living Trust? Presented by CaMu Financial & Insurance Services, Inc.

November 18, 2011 at 6:10 am Leave a comment

California-based CaMu Financial & Insurance Services, Inc., offers clients a wide range of services intended to preserve and promote the growth of their assets. CaMu Financial’s team focuses on estate planning, insurance, investments, and education for clients while working to offer clients ways to protect their wealth from taxes and other diminishing factors.


Also called a revocable living trust or a family trust, a living trust is a legal arrangement that holds a person’s assets and real property. When a person creates a living trust, he or she transfers ownership of their assets and properties to the trust in a process known as “funding” the trust. The person establishing the trust retains control over the assets and investments, including buying, selling, borrowing, and transferring assets.


In many ways, a living trust functions much as a will does, including offering instructions for how the property should be distributed upon the individual’s death. A living trust offers the advantage of preventing assets from going through probate or being controlled by the courts at incapacity. A living trust also allows a person to retain control over the assets left in trust.


When a living trust is created, the person funding the trust is known as the grantor. In addition, this person selects one or more trustee(s) to control the trust’s assets. Generally, the trustees are the same people as the grantors while the grantors remain alive. Living trusts also identify successor trustees, who will take control of the trust’s assets when the original trustees become deceased or incapacitated. A living trust also designates individuals or organizations as beneficiaries. When the grantor passes, these people receive the trust’s benefits.

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