A living trust is a legal arrangement in which a person, known as the trustor or grantor, transfers ownership of assets to a trust while still alive.
These assets are managed by a trustee for the benefit of one or more beneficiaries. The trust can take effect immediately, at a future date, or upon a specific event such as the trustor’s incapacitation.
One of the main advantages of a living trust is that it allows assets to bypass the probate process, enabling a smoother and more private transfer of property after death. It also provides flexibility and control over how and when assets are distributed.