One of the most popular and enduring options for sophisticated estate planning is the Living Trust. The Living Trust offers the Trustor the maximum control over his or her assets in the present and in the predictable future. It provides the opportunity for directing the general uses of the trust assets after the death of the Trustor, and can be designed around the specific needs of the Trustor's family. A trust can be a way to ensure that money is available for the education of children or grandchildren, or for extraordinary care required for a disabled child or spouse. One option for a Living Trust is to select a corporate trustee.
Many banks maintain trust departments which can be selected to manage the trust estate.
The Trustor may choose to act as Trustee himself, but the availability of professional asset management is attractive to many individuals. Protection during Illness or Incapacity. The Living Trust can be constructed to provide for management of assets during any period of illness or incapacity of the Trustor. This flexibility will normally avoid the necessity of conservatorship proceedings in the future, and will provide for the smooth transition of control from the Trustor to a trusted, selected individual or entity. If the Trustor dies, the Living Trust continues to function as planned, with no break for the Probate process.