Mississippi Living Trust Forms
Download a Mississippi Living Trust form which allows an individual, known as the grantor, to set aside funds for the benefit of his or her beneficiaries. A trust provides flexibility, continuity and privacy for grantors. It provides flexibility in that a grantor can impose certain rules and restrictions as to how and when the assets are distributed. It provides continuity of asset management, in that it is created during the grantor’s life and can continue after his or her death. And it provides privacy because it is a private document not filed with probate. A trusted person is required to act as trustee to manage the assets and make sure the provisions of the trust are followed.
Revocable vs. Irrevocable: A revocable trust can be revoked or modified during the life of the grantor, while an irrevocable trust is not meant ot be modified or terminated without incurring certain tax or other penalties.