What is a living trust

30 Oct 2023 · 1 min

Watch on YouTube

0:51

In this concise video, Jerry Taylor defines a living (revocable) trust as a legal document created during a person’s lifetime to hold assets. He uses the analogy of a wagon, explaining that just as a wagon is useless until it’s loaded, a trust only serves its purpose once assets are transferred into it. The primary advantage of establishing such a trust is that, after the grantor’s death, heirs can access the assets without going through probate court, thereby avoiding the associated costs, delays, and public exposure. By staying out of court, the distribution remains private. The video also notes that a living trust is revocable, meaning the creator can modify or dissolve it while alive, and concludes with a call to action to contact the presenter for further assistance.

Chapters

What is a living trust? A living trust is just a legal tool or a legal document that you create while you are alive. I tell people it's like you've built a wagon, and a wagon is a very useful tool, but until you put something in the wagon, it's of no use to you whatsoever. So you put all your assets in this trust, this legal tool. And the reason you do that is so that after you're gone, your kids or your heirs do not have to go to court to get access to your assets or ownership of them. So the real benefits of creating a living trust are that your heirs can avoid court and all the expense that goes along with it and the time and the hassle. And by staying out of court, everything stays private. If those things are important to you, you need to look at a living trust. It's also called a revocable trust. You can click on my picture and my link to work with me and find out more.