A legal document that lets you manage your assets during your lifetime and outlines how they should be distributed after your death. It can help avoid probate.
What to consider
Consider setting up a trust if you want to simplify asset distribution later.
Review its structure as your family and finances evolve.
Consult with a professional to ensure it meets your needs.
Real world scenarios
Howard creates a living trust, placing assets like his home and investment accounts inside to simplify inheritance for his children.
Deb revisits her living trust after her second child is born, updating beneficiaries to reflect new family circumstances.
A living trust spares Sonya’s family from the delays and costs of probate when she passes, distributing assets smoothly.