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Glossary of Legal, Business and Financial Terms

This glossary contains definitions of common legal terms, as well as words and phrases related to business and finance. Some terms may have different meanings based on the area of law or the context in which they are used.

Living trust

A form of revocable trust under which the settlor is also the trustee, allowing the settlor to retain full control over all property held in trust during his / her lifetime. A living trust is generally used to avoid probate of the settlor's estate after death, and to help eliminate or reduce estate taxes for married couples. Also called a family trust.

See Also:

Family trust