Sometimes called an Inter Vivos trust, a type of trust created by the owner of the subject property during the lifetime of that owner. The two basic types of living trusts are the Irrevocable trust and the Revocable trust. The chief advantages of the living trust are that they provide for automatic transfer of property upon death of the owner while avoiding the cost and delay of probate. For more information, see the "Real Estate Trusts" article in the "Real Estate In-Depth" section.
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