Living Trust Defined - You've worked hard to accumulate your assets, and made every attempt to be a conscientious saver. So it's only natural that you want some control over what happens to your assets in the event of your death. At the very least, you probably want to minimize or avoid potential hassles and headaches for your loved ones.
A Living Trust A living trust avoids probate and therefore gets assets distributed significantly more quickly than a will does. It also offers a higher level of confidentiality, because probate proceedings are a matter of public record. In addition, trusts are usually harder to contest than wills.
However, a living trust takes longer to put together than a will, and requires more ongoing maintenance. Although both a will and a living trust can be modified or revoked at any time before death, such changes are slightly more time consuming for a living trust. Additionally, assets that a person wants to move to a living trust, such as real estate and financial accounts, have to be retitled.