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The Living Trust
Property in trust is held and managed by a trustee for the benefit of those persons for whom the trust is created–the beneficiaries. The person who creates the trust is commonly known as the settlor, grantor or trustor. Living Trusts (or Inter Vivos Trusts) are those which go into effect while the settlor is alive. These may be divided into two categories: Revocable and Irrevocable.

When a revocable Living Trust is established, the trust property is transferred to the trustee. The trust agreement is subject to amendment or revocation by the settlor at any time. The settlor may play multiple roles in the revocable living trust arrangement: the settlor may be the primary beneficiary and/or the trustee or co-trustee.

The Revocable Living Trust can perform a variety of functions. It can manage your investment portfolio, distribute income to you or whomever you designate, be responsible for paying bills, or manage all your affairs if you become physically or mentally incapacitated.

Such flexibility is one of the major advantages of a Revocable Living Trust. In addition, any assets placed in trust during your lifetime are not subject to probate upon your death, avoiding costs, delays and publicity.


A Living trust can also be Irrevocable. This means the trust is permanent. It cannot be changed by the settlor, nor can the settlor regain title to the property transferred to the trust.

There can be both income and estate tax advantages to an Irrevocable Living Trust, for example, trust property is transferred to an independent trustee, which places it outside the settlor’s estate for tax purposes. The trustee distributes the income to one or more beneficiaries, who generally are persons in a lower tax bracket.

Life Insurance Trusts

Life Insurance Trusts are special purpose Living Trusts, either Revocable or Irrevocable, in which the trust asset is an individual’s life insurance. Such trusts may be either funded or unfunded.

In the unfunded trust, the policies are made payable to the trustee. On the death of the insured, the trustee collects the proceeds and manages, invests or distributes them in accordance with the trust agreement. In a funded trust, other assets are deposited along with the insurance policies to generate income to pay the insurance premiums.


A Guardian is a person appointed by the court to control and manage another person’s property. Typically, a guardian is appointed to manage the property of a minor until he or she reaches majority, or a physically or mentally incapable adult.

A guardian's power is limited to that granted by the court making the appointment. The guardian must submit regular accountings of actions to the court, and must follow the court’s directions.

Please call 606-451-0388 for more information.
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