What is a living trust?

A living trust is a legal document that dictates who you wish to manage and distribute your assets if you become unable to do so. Additionally, it allows you to state who receives your assets when you eventually pass away. Once a living trust is established, ownership of your address is transferred to the trust but remain in control of those assets. Assets in the trust can then be managed and distributed without the need and avoiding the costs associated with the probate court process.