Living Trusts FAQ
A living trust is a trust that is created during your lifetime. It is an agreement where the trustee holds the legal possession of a fund or assets that belong to another person, the beneficiary.
Yes, if you have an individual trust you may transfer property whenever you wish.
Yes, a will deals with any property that was not included in the living trust. For example: property that wasn’t properly transferred into the trust will be distributed under your Will. Property you purchased or received after the trust was made will be dispersed according to your will, unless you transfer the property to, or purchase it in the name of, the trust. A will also gives you the opportunity to choose a guardian for your children who are minors and covers property deliberately left out of your trust.