A trust is an arrangement in which one or more person(s) manage(s) or take(s) care of property for someone else's benefit. A living
trust is a trust that is created during your lifetime. In other words, while you are still alive, you transfer title in your property from your name to that of the trustee of the living trust.
Your living trust must contain the following elements:
- a statement that you want to create a trust
- the names of your beneficiaries
- a description of the trust property
- a description of your trust's purpose (e.g., to provide for your children's welfare) and
- an explanation of how you want your property to be distributed
At your direction, LegalZoom prepares your living trust documents, including any required transfer deeds.