What is a living trust and how does it work?
Answers:
Basically it's where on earth you assign ownership of your assets to someone else but retain the lifetime use and benefits of those assets. I hold one for my son - he is four. He owns my home, our rental property and retirement accounts - however my husband and I are solely responsible for the upkeep and financial decision on the assets. Basically if we die unexpectedly he get to avoid probate and my mother have direct financial access for the benefit of my son. I've also hear of this type of trust human being used within divorce cases to fur assets but I'm not sure how it works.
Here, please read this:
http://en.wikipedia.org/wiki/living_trus...