baldeagle 0 Report post Posted March 18, 2004 What is an irrevocable living trust? Share this post Link to post Share on other sites
pinkerton 0 Report post Posted March 18, 2004 Back for more, Baldeagle? Here goes. All property has two aspects of title. Legal and equitable. Has to do with English common law when there were regular (legal) courts and the King's (equitable) courts. A trust is created when legal and equitable title is split. The Grantor gives the Trustee legal title and the Beneficiary receives equitable title. If the Grantor makes the trust irrevocable when it is created, then he/she cannot undo (revoke) the trust. (The Grantor essentially gives the property to others, and it's gone bye-bye, unless the trust document makes it revocable. Then it would be like a conditional giving. ) There you have it! Straight from a former Professor of Wills and Trusts (oh boy). Mike P. The Legal Eagle Share this post Link to post Share on other sites
pilot76180 51 Report post Posted October 30, 2004 Investors use land tusts, also a type of living trust, to take a property sub 2. The owner is deeding the property over to the trust. Share this post Link to post Share on other sites
Dave T 0 Report post Posted November 9, 2004 Investors use land tusts, also a type of living trust, to take a property sub 2. The owner is deeding the property over to the trust.<{POST_SNAPBACK}>Pilot, Actually, the grantor deeds the property to the trustee who holds title on behalf of the trust. Share this post Link to post Share on other sites