A living trust is a legal entity which allows you to be able to move your assets for various reasons. This may include avoiding probate after you die. You can also have them controlled by another person if you feel you are not fit to do so. At truster is a person who helps you to come up with the trust while a trustee is a person who controls the trust.
One can also involve a third party such as a benefactor. The living is included to show that the trust is in effect while the owner is still alive. This is different from a trust that is created with a will because it can only be implemented when the person dies. The living trust makes it possible for the person to revoke it if need arises. When you give your assets to be controlled by another person it means that the assets will no longer be in your name but you can still control them and can be given out to the rightfully heirs once you die.
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