https://spec.edmcouncil.org/fibo/ontology/BE/Trusts/Trusts/LivingTrust
trust created during an individual's lifetime where a designated person, the trustee, is given responsibility for managing that individual's assets for the benefit of the eventual beneficiary
Instances of fibo-be-tr-tr:LivingTrust can have the following properties:
| PROPERTY | TYPE | DESCRIPTION | RANGE |
|---|
@prefix cmns-av: <https://www.omg.org/spec/Commons/AnnotationVocabulary/> .
@prefix fibo-be-tr-tr: <https://spec.edmcouncil.org/fibo/ontology/BE/Trusts/Trusts/> .
@prefix owl: <http://www.w3.org/2002/07/owl#> .
@prefix rdfs: <http://www.w3.org/2000/01/rdf-schema#> .
@prefix skos: <http://www.w3.org/2004/02/skos/core#> .
fibo-be-tr-tr:LivingTrust a owl:Class ;
rdfs:label "living trust" ;
rdfs:isDefinedBy fibo-be-tr-tr: ;
rdfs:subClassOf fibo-be-tr-tr:Trust ;
skos:definition "trust created during an individual's lifetime where a designated person, the trustee, is given responsibility for managing that individual's assets for the benefit of the eventual beneficiary" ;
cmns-av:explanatoryNote "A living trust is designed to allow for the easy transfer of the trust creator or settlor's assets while bypassing the often complex and expensive legal process of probate. Living trust agreements designate a trustee who holds legal possession of assets and property that flow into the trust." .