Clearing Up Confusing Trust Language

The world of estate planning is full of obscure and confusing terms, especially when it comes to trust language. To those who have no background in the field, listening to estate planning attorneys talk about trusts can be like listening to two people from a different planet. The terms lawyers use and the concepts they discuss, though important, are not things that most people have a lot of experience dealing with. To give you a better understanding of trust language and how it applies to you when you make an estate plan, let’s take a little time to go back over some of the more important terms and ideas you might come across. Living and Testamentary A person who creates a trust is called a grantor or a settlor or a trustor. When the grantor creates a trust that takes effect during his or her lifetime, this is known as a living trust or inter vivos trust. On the other hand, some trusts do not come into effect until after the grantor has died. These are known as testamentary trusts b
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