Living Trust.

 A living trust, also known as a revocable trust or inter vivos trust, is a legal document that allows you to manage and distribute your assets during your lifetime and after your death. It is called a living trust because it is created while you are alive. In contrast, a testamentary trust is created through a will and comes into effect upon your death.

Here are some key points about living trusts:

1. Trustee: In a living trust, you, as the creator of the trust, are typically the initial trustee. You retain control over the trust assets and have the flexibility to make changes or revoke the trust as long as you are mentally competent.

2. Beneficiaries: You can designate beneficiaries who will receive the assets held in the trust after your death. Common beneficiaries include family members, loved ones, or charitable organizations.

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4. Avoiding Probate: One of the primary advantages of a living trust is that it allows your assets to pass directly to your beneficiaries without going through the probate process. Probate is a legal process that validates a will and oversees the distribution of assets, which can be time-consuming and costly. With a living trust, your assets can be distributed privately and efficiently.

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6. Asset Management: If you become incapacitated or unable to manage your affairs, a living trust can provide a mechanism for the seamless management of your assets. You can appoint a successor trustee who will take over the management of the trust and follow the instructions you have laid out.

7. Privacy: Unlike a will, which becomes a matter of public record during probate, a living trust allows for the private distribution of assets. This confidentiality can be beneficial for individuals who value their privacy.

8. Flexibility: Living trusts offer flexibility in managing your assets. You can include specific instructions regarding how the assets should be managed and distributed, including conditions or restrictions placed on beneficiaries.

It's important to consult with an experienced estate planning attorney or legal professional to ensure that a living trust is the right choice for your specific circumstances. They can guide you through the process of creating trust and help you tailor it to meet your individual needs.