What is a living trust?

A living trust becomes effective during the lifetime of the person who created the trust. The creator of the trust can alter or revoke the living trust during his lifetime. A living trust will generally eliminate the need for conservatorship and the trust assets generally pass outside of probate proceedings. This is because the living trust usually contains instructions for managing trust assets during the creator's lifetime and instructions for distributing trust assets upon the creator's incapacity or after his or her death.

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