A living trust is a legal arrangement in which you transfer your assets into a trust during your lifetime and designate a trustee to manage and distribute those assets according to your instructions. Unlike a will, which only takes effect after your death, a living trust is active while you are alive and can continue to operate after your passing. One key distinction is that assets placed in a living trust typically avoid probate, a lengthy and public legal process, resulting in a quicker and more private distribution of assets. Additionally, a living trust can offer more flexibility for managing assets, especially in cases of incapacity, making it a valuable estate planning tool alongside a will.