A living trust is a legal document that allows its creator, acting as the trustee, to hold title to assets inside of the trust. This may help those assets avoid probate, which may save thousands in legal fees and allow assets to be transferred much sooner. With a living trust, the grantor has the ability to revise it until he or she passes on. There are several other benefits that individuals may want to consider as well.
For parents with children, it may give them greater control over how and when their children have access to benefits inside of a retirement account or life insurance policy….