The most helpful and common type of Trust is a Living Trust, also known as a Revocable Trust. A Living Trust is a legal document that allows individuals to place their assets and property into a Trust during their lifetime, while maintaining control over those assets. The person who creates the Trust is known as the grantor or settlor, and they typically also serve as the trustee, managing the trust’s assets. In the trust document, the grantor specifies how their assets should be managed and distributed both during their lifetime and after their death. Key characteristics and advantages of a Living Trust include: Revocability: The grantor can make changes to or even revoke the trust at any time during their lifetime, as long as they are mentally competent to do so. This flexibility distinguishes it from an Irrevocable Trust. Avoiding Probate: One of the primary reasons people create living trusts is to avoid the probate process, which is the legal process that determines the distribution of a person’s assets after their death. Assets held in a living trust typically pass directly to the beneficiaries named in the trust document, bypassing probate. This can save time and money and keep the details of the estate private. Management of Assets: The grantor retains control over their assets as the trustee, which means they can continue to buy, sell, or manage assets held in the trust as they see fit. Incapacity Planning: Living trusts often include provisions for the management of assets in case the grantor becomes incapacitated. In such situations, a successor trustee (usually a trusted family member or friend) takes over the management of the trust assets without the need for court intervention. Privacy: Unlike wills, which become public documents when they go through probate, living trusts are private documents. This means that the details of your assets and beneficiaries are not typically accessible to the public. Flexibility: Living trusts can be used to manage a wide range of assets, including real estate, bank accounts, investments, and personal property. It’s important to note that while living trusts offer several advantages, they also come with some administrative responsibilities, such as properly funding the trust (transferring assets into it), maintaining accurate records, and ensuring that changes in assets or beneficiaries are reflected in the trust document. Consulting with an attorney who specializes in estate planning is advisable when considering a living trust to ensure that it meets your specific needs and is set up correctly under your local laws.