A living trust is a created living trust that holds the trustee’s assets.
The benefit of a living trust is that it avoids a will or lawsuit to distribute the owner’s assets after his or her death.
The trustee can also be a trustee in a living trust for the duration of his life or until the backup specified in the trust is authorized to take possession.
AB trust is a joint trust created by a married couple; after the death of one of the spouses, the trust is divided into the survivor’s part (Trust A) and the bypass part (Decedent’s Trust or Trust B).
The agency, if necessary, allows any person or entity to act on behalf of another person when the beneficiary cannot explicitly give permission to do so.
A generation skip trust (GST) is a legally binding arrangement whereby assets are passed on to the grantor’s grandchildren or anyone 37.5 years younger, bypassing the grantor’s next generation of children.
Annuity preservation trusts (GRAT) are estate planning instruments in which the grantor freezes assets in a trust from which they receive an annual income.
A Health Care Power of Attorney (HCPA) is a legal document that gives a specific person the right to speak with others and make decisions on your behalf regarding your health, treatment, and care.