Eliminate Probate




A Living Trust can also be called by its common name: "a revocable living trust."

It is called "revocable" because you can alter your estate plan anytime during your lifetime and even revoke the entire trust if you choose.

It is described as "living" because the Living Trust estate survives you at death and will distribute your assets per your request in contrast to a Last Will and Testament, which only comes into action at your death.

It is a "trust" because you created an entity where assets can be placed for normal use during your lifetime and then be available for distribution to anyone you select after your death.

To avoid probate, a person or a married couple can place assets in "trust" while keeping full control over their property. The trust has actual ownership of the property although you own the trust throughout your lifetime.