Give an account of the funding and operation of a living trust.

Expert Solution

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Living trust it's kind of a legal document that is created by an individual during its lifetime. A living trust is created so that the assets can be transferred easily from the other account to the living trust of that individual in case of the death of the individual. The benefit of the living trust is that if they are having a living trust then they don't have to follow the lengthy legal process of transferring assets from another account to living trust. Funding living trust is transferring of assets from your account to your trust and to do that you need to change the name of the asset physically and give it the name of the trust so that it does not raise any issue regarding the transferring of assets and it will help at the time of designations of the trust. You need to choose a trustee who will handle the assets in your trust so that trustee can be anyone, even you can also become a trustee of your own trust and you will have the complete power to operate and handle your trust. Funding and operating of the living Plus will be the responsibility for you and you will be considered responsible for transferring assets from your account to living trust.

keosha answered 7 months ago

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