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A living trust is a legal document that lets you transfer ownership of your property into a trust while you're still alive. The trust then manages the property for your benefit during your lifetime, and after you die, the property is transferred to the beneficiaries you've named in the trust.
For example, imagine you own a house, some stocks, and a car. You create a living trust, and transfer ownership of all these assets into the trust. The trust then becomes the legal owner of these assets, and manages them on your behalf. You can still use and enjoy these assets during your lifetime, but the trust will handle all the legal and financial details.
"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"
A living trust is a legal device, it's true,
That lets you transfer ownership of your assets, it's not just a few,
You put your property into a trust while you're alive,
The trust then manages it, to help you thrive.
For example, imagine you own a house, some stocks, and a car,
You create a living trust, no matter how far,
You transfer ownership of all these things to the trust,
So it can manage them for you, without any fuss.
You can still use and enjoy these assets, that's clear,
But the trust takes care of all the legal and financial fear,
When you die, the property is transferred to your beneficiaries,
Named in the trust, according to your wishes, without any discrepancies.