A living trust is a legal document that states who you want to manage and distribute your assets if you’re unable to do so, and who receives them when you pass away. Having one helps communicate your wishes so your loved ones aren’t left guessing or dealing with the courts. Trusts may be set up as part of an estate plan for several reasons. For example, a living trust can help with estate tax issues, help avoid probate and address certain family circumstances
A living trust is a trust that is established during lifetime. It distributes assets similar to a will. Avoiding probate can save your family both time and money. However, if your living trust is not set up properly and your assets have not been correctly transferred to it, your good intentions may be in vain.