A trust is a legal arrangement in which the grantor transfers control of his or her property to a trust, which is managed by a trustee.
A trust has three elements: property, a trustee and beneficiaries.
A living trust, commonly referred to as “inter vivos”, is a trust created while the grantor is alive and allows control of the distribution of the estate. For a living trust to take effect, the title to any bank accounts, stocks, or real estate owned by the grantor must be transferred into the trust.
