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A living trust is a trust that comes into effect with property transfer during the lifetime of the settlor.
This is as opposed to a will which comes into effect after the death of an individual.
Income stipulated in the trust will be paid to the beneficiary after deducting for expenses such as trustee fees.
The main reason why people create trusts is for security and protection of certain assets so that there is longevity.
Should a trustor face bankruptcy, creditors will not be able to go after assets belonging to a trust.