Living trust

A living trust is an arrangement under which a person, called the trustee, holds a legal title to property for another person, which is called a beneficiary. You can also be the trustee of your own living trust, keeping full control over all the property held in trust.

A "living trust" is simply a trust you create while you are still alive, rather than one that is created after your death under the terms of your will. A living trust is also called inter vivos trust. There are different kinds of living trusts can help you reduce estate taxes, avoid probate, and set up a long-term property management.

The reason you should get a living trust is because it will help you avoid probate, after your death. Your property will most likely go through probate court before it can reach the people you want to inherit it. Everyone doesn’t need to worry about probate and some people don’t need a living trust.

You can create a living trust yourself with some good self-help resources or you can pay a lawyer to create a living trust but they will charge upwards to $1,000 to draw up a simple trust.