A Trust created for the Trustor and administered by another Party while the Trustor is still alive. A Living trust can be either revocable or Irrevocable. A Living trust avoids probate and therefore gets assets distributed significantly more quickly than a will does. It also offers a higher level of confidentiality, as probate proceedings are a matter of Public record. Additionally, trusts are usually harder to contest than wills. On the downside, a Living trust takes longer to Put together than a will, and requires more ongoing Maintenance. Although both a will and a Living trust can be modified or revoked at any time before death, such changes are slightly more time-consuming for a living trust. Additionally, assets that a person wants to move to a living trust, such as Real estate and bank or brokerage Account, have to be retitled.
