A trust is a method of estate transfer that involves a fiduciary relationship between you (the property or asset owner) and another person given the authority to handle your assets for your beneficiaries. There are several types of trusts, the most common of which is the living trust.
A living trust is a trust you create while you are alive, and the beneficiaries named in the living trust will receive the trust property when you die. While this is similar to how wills function, wills have to go through probate court, while trusts typically do not. Instead, your property can pass immediately and directly to your named beneficiaries.
Many people create a revocable living trust that can be modified or revoked at any time. With a living trust, while you’re alive, you retain control of the trust and its property. In the trust document, you will name a “successor trustee” to take over and manage the trust after you die, and this person will be responsible for distributing the trust property to your beneficiaries.