I've never heard the term PAT, but it sounds like a plain old living trust It isn't a living trust. Instead of receiving their inheritance directly, each of your beneficiaries may instead receive their inheritance in a special trust, which springs out of your Living Trust. This continuing “Personal Asset TrustSM” (or “PAT”) can be controlled by each beneficiary in such a manner as to virtually give him or her all of the same rights as ownership, without the liability exposures ownership brings.
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