Living Trust
A living trust is an arrangement in which a person, called a settlor, transfers his/her assets to a revocable trust for the benefit of others upon the settlor's death. Living trusts are commonly used as an alternative to wills in order to direct the distribution of a person's assets after his/her death and to avoid probate.
This brief overview of some important considerations associated with living trusts is by no means comprehensive. Always seek the advice of a competent professional when making important financial and legal decisions.