Living Trust Legal Meaning and Definition

Here is a simplified definition of the legal term Living Trust.

Living Trust (noun)

A Living Trust is a legal instrument made during a person's life, where they transfer ownership of their property and assets into the trust. This is often done to manage, protect and distribute property or assets for a particular purpose, separate from one's personal affairs. The main benefit is that this property won't be subject to general risks or debts tied to the person's other assets during their life.