Living TrustFrances Pena
What is a Trust?
- A trust is a relationship whereby property is held by one party for the benefit of another.
- A trust is created by a settlor who transfers property to a trustee.
- A trust is created during the lifetime of a person to determine handling of property during that lifetime and afterwards.
- A Revocable Living Trust, the grantor uses their individual name and SSN for tax purposes.
- A Trust becomes Irrevocable upon the grantor’s death, a FEIN must be used for tax purposes not the decedents SSN.