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๐ŸŒฟ LIVING TRUST vs. REGULAR TRUST (Plain English)

  Here’s a clean, easy way to understand the difference between a living trust and a regular trust , Dorothy — without the legal jargon that usually makes this confusing. ๐ŸŒฟ LIVING TRUST vs. REGULAR TRUST (Plain English) A living trust is a type of trust — but it’s created while you’re alive and you stay in control of everything. A regular trust is a broader category that includes many types of trusts, some created while you’re alive and some created only after you pass. Let’s break it down so it actually makes sense. ๐ŸŒŸ 1. LIVING TRUST (Revocable Living Trust) This is the one most families use. ✔️ Created while you’re alive ✔️ You stay in full control ✔️ You can change it anytime ✔️ Avoids probate ✔️ Keeps things private ✔️ Lets someone you choose step in if you become ill Most people name themselves as: Trustee (manager) Beneficiary (you still use your own assets) And then name a successor trustee (often an adult child) to take over if needed. This is...

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