A Living Trust (sometimes called a “Revocable Living Trust”) is a special type of Trust that holds and manages your property while you are alive. These Trusts include a plan for managing your property if you become incapacitated. Most people are attracted to this type of Trust because, when properly drafted and funded, a Living Trust acts in place of your Will, and avoids the need to probate your estate when you pass away.
Unlike a Will, a Living Trust does not require court involvement. In addition, a Living Trust can help maintain your privacy, as it does not become a matter of public record when you pass away.
For some people, a Living Trust is a very good estate planning tool. However, these Trusts are sometimes overused and are not for every person. An estate planning consultation will help to determine if a Living Trust is appropriate for your estate.