What is a living trust?

A living trust transfers property before death and can avoid probate for property included in the trust. Living trusts are popular estate-planning tools for their probate avoidance and tax efficient advantages. You can also use a living trust to manage wealth during your life.

When creating a trust, you – the grantor – pass legal ownership of property to a trustee who manages it for one or more beneficiaries.

If I have a living trust do I still need a will?

Yes, the living trust only affects property transferred into it. For property still in your name, you require will to prevent the state from distributing your property