living trust

living trust definition - business

living trust

A trust created for the trustor and administered by another party during the trustor's lifetime. The living trust may be formed because the trustor is either incapable of managing or unwilling to manage his or her assets. The trust can be revocable or irrevocable, depending on the trustor's wishes. Also called inter vivos trust.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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