🌿 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. 🌿 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. 🌟 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...