The best lawyer-like answer I can give you is, “it depends.” Or I could say, “maybe, maybe not.” The point is, don’t believe everything you hear on radio or TV. Don’t believe everything you read on the Internet – except what I have written, of course.
I have seen various definitions for what make a trust a “Living Trust,” Most of the time, one will simply defines a Living Trust as a trust made by the person who is called a Trustor or a Grantor during his or her lifetime.
Step Three: Don’t panic. However, pretending all of this stuff in Part One and Part Two in this series will just go away, is not the answer. Get the facts. Make educated choices. Some people come into my office with wide, bloodshot eyes and tears running down their faces.