Power of Attorney Glossary

living trust

A legal relationship, established while the grantor is alive, in which one person (called the grantor) gives assets to another person or institution (called a trustee) to control for the benefit of the grantor or a third party (called the beneficiary). A living trust is set up while the grantor is alive, whereas a testamentary trust is set up after the grantor dies, as directed in the grantor's last will and testament.