Living Trust: From 12th Century England to Today
The notion of “inter vivos trust”, or what is known today as a living trust, was first developed in the 12th and 13th centuries in England. That is the time when landowners often leave England to fight in the Crusades. Without him, no one will run his estates, and so, he appoints someone to take care of his estates while he is gone. Since then, there are many types of trusts that were created since the owners of the properties are the ones that decide how their properties will be handled. Often, one trust can be described by a combination of two or more of these types of trust.
Majority of trusts today fall under express trust. When a settlor decides to create a trust over his properties, either now or at the time of his death, this is often considered as express trust. A living trust can also be classified as an express trust. It can also be described by a combination of other types of trusts, like a fixed trust, simple trust, spendthrift trust, and others. The IRS must be vigilant in expanding tax laws that will cover new types of trusts that are created yearly.
Although the legalities of trusts can be confusing for the average person, setting up this type of trust is possible through the Internet. You can even draft your living will or, pray that you don’t have to, file your divorce online. Online companies typically employ lawyers that can help you out in setting up these documents, either through phone or by email correspondence. You can fill out a pre-designed form in a matter of minutes. Such are the conveniences that the Internet gives these days. If you have assets and you want to protect them and your children, setting up a living trust comes highly recommended.
Majority of trusts today fall under express trust. When a settlor decides to create a trust over his properties, either now or at the time of his death, this is often considered as express trust. A living trust can also be classified as an express trust. It can also be described by a combination of other types of trusts, like a fixed trust, simple trust, spendthrift trust, and others. The IRS must be vigilant in expanding tax laws that will cover new types of trusts that are created yearly.
Although the legalities of trusts can be confusing for the average person, setting up this type of trust is possible through the Internet. You can even draft your living will or, pray that you don’t have to, file your divorce online. Online companies typically employ lawyers that can help you out in setting up these documents, either through phone or by email correspondence. You can fill out a pre-designed form in a matter of minutes. Such are the conveniences that the Internet gives these days. If you have assets and you want to protect them and your children, setting up a living trust comes highly recommended.
