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Below is a basic list of very common abbreviations. Because publishers adopt different practices regarding how abbreviations are printed, one may find abbreviations with or without periods for each letter. For example, the Code of Federal Regulations may appear abbreviated as "C.F.R." or just as "CFR".
A trust generally involves three "persons" in its creation and administration: (A) a settlor or grantor who creates the trust; [11] (B) a trustee who administers and manages the trust and its assets; and (C) a beneficiary who receives the benefit of the administered property in the trust. In many instances where a revocable living trust is ...
A revocable living trust is a legal document stating your intentions for your wealth after you pass away. The trust names a trustee to handle the assets according to your wishes, ...
Inter vivos trust (or 'living trust'): A settlor who is living at the time the trust is established creates an inter vivos trust. Irrevocable trust: In contrast to a revocable trust, an irrevocable trust is one in which the terms of the trust cannot be amended or revised until the terms or purposes of the trust have been completed. Although in ...
However, a revocable trust can provide language to create sub-trusts upon the death of a grantor (e.g. credit shelter or other irrevocable trusts) that can preserve or reduce future estate tax ...
“Revocable” means you can change the terms at any time, so long of course as you’re “living.” As the assets aren't considered a part of your estate, they sidestep the probate process.
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