A Living Trust, also called an “inter vivos trust” or a “revocable living trust,” appoints someone (the “trustee”) to hold title to and manage your assets during your lifetime and after your death. You can be the trustee of your own trust and remain in full control of the trust property during your lifetime. You can change the terms of the trust, cancel the trust entirely, and add or remove assets at any time, as long as your are not incompetent. If you die, or you become incapacitated, then the successor trustee nominated in your trust document will take over. At that point, the terms of the trust usually cannot be changed.
A trust is desirable because, if something happens to you, all assets in your trust can be managed, and eventually pass to your designated beneficiaries, without any probate court involvement. A trust avoids probate court, allows greater flexibility for planning, allows for delayed transfer of assets, and can be structured to provide greater protection to your loved ones than merely having a Will.