What Is a Living Trust?

A Living Trust, also called a Revocable Living Trust, is a legal document that lets you place your money, property, and other assets into a “trust” — a separate legal entity — while you’re still alive.

Think of it as a secure container for your belongings, with clear instructions on how they should be handled both now and later. You’re still in control of everything during your lifetime, but when you pass away or become unable to manage things, the person you’ve chosen as successor trustee steps in and follows your instructions without the delays and costs of probate court.

Why Consider a Living Trust

Many people choose a Living Trust because it:

• Avoids probate – No court delays, legal fees, or public records.

• Keeps your affairs private – Unlike a will, which becomes public record.

• Provides a plan if you become sick or disabled – Your chosen trustee can step in without court involvement.

• Offers flexibility – You can change, update, or cancel it at any time.

• Reduces stress for loved ones – Everything is organized and spelled out clearly.

A Living Trust can be especially helpful if:

• You own a home or multiple properties.

• You have heirs with special needs or health concerns.

• You want assets to pass quickly and quietly after your death.

  
  

How a Living Trust Works

When you create a Living Trust:

1. You become the trustee – managing your own trust while you are able.

2. You transfer your assets into the trust, such as:

   • Your home or other real estate

   • Bank accounts and investments

   • Vehicles

   • Personal valuables

3. You name a successor trustee – someone you trust to take over if you become incapacitated or after you pass.

4. You decide who gets what and when – The trust follows these instructions without court involvement.

The trust only controls what you put into it. If you don’t transfer certain assets, those items won’t be covered.

Living Trust vs. Will

While both documents let you name who inherits your assets, they work differently:

• A will only takes effect after you pass away and must go through probate.

• A living trust can take effect while you’re still alive and usually bypasses probate.

Many people use both: a living trust for major assets and a “pour-over” will to handle anything left out.

Steps to Set Up a Living Trust

1. Decide which assets you want to include.

2. Choose a trustworthy successor trustee.

3. Name your beneficiaries (who gets what).

4. Draft the trust document (ideally with legal guidance).

5. Transfer ownership of assets into the trust.

Common Questions

Can I still use my stuff?

Yes. You can sell your home, spend your money, or change your trust anytime.

Is a living trust only for the wealthy?

No. It’s for anyone who wants to avoid probate and make things easier for their family.

What happens if I get sick?

Your successor trustee can manage bills, property, and paperwork without needing court approval.

What if I already have a will?

You can still create a trust. Many people use both together.

Final Thoughts

A living trust is more than a legal document — it’s a safeguard for your assets, your wishes, and your family’s peace of mind. By setting one up now, you ensure that your estate is handled smoothly, privately, and exactly as you intended.

Click here for a downloadable document.

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