Difference Between Living Trust & Family Trust?
Among those who choose to use a trust as part of their estate plan, some are called Living Trusts and others are called Family Trusts. What’s the difference?
The answer: “Not much.”
Technically, any trust that is set up in a person’s Last Will and Testament is a “Testamentary Trust.”
Any trust created and brought into existence while its creator is still alive is a “Living Trust.”
If the heirs named under a Living Trust are relatives of the person who created the trust (as is most often the case), it is often called a “Family Trust.”
So a Family Trust is really just another name for a trust in which the heirs are family members.
Author: Barry Peters. For additional easy-to-understand information on Wills, Trusts, and Probate, call attorney Barry Peters’ offices at (208) 939-2600 for your expedited appointment for a FREE OFFICE CONSULTATION or visit his Q & A pages at BarryPeters-Law.com/answers-to-questions. As always, your total satisfaction is guaranteed by Barry Peters, Attorney at Law, where all clients receive individual attention to the details of their unique circumstances.