Definition
A living trust is a revocable trust created during your lifetime holding property and distributing it to beneficiaries upon death, avoiding probate. The grantor serves as trustee during life, maintaining complete control.
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Living trusts avoid probate—a costly and time-consuming court process. The grantor (trustmaker) transfers property into the trust and serves as trustee during life.
Pro Tip
Use a living trust to avoid probate costs and delays.
Example
The homeowner transferred the house into a living trust, designating her children as beneficiaries. Upon her death, the property transferred directly to the children without probate.