Living Trust

A living trust is established while you are alive. You can declare yourself the trustee of the trust until you are no longer able to act on your own behalf. Many do not choose to be the trustee of this irrevocable trust because it can simply be used to direct. For example, your assets may be held in another trust as the living trust stands to avoid the costly process of probate.

Your living trust should include a will, a financial power of attorney, and a healthcare power of attorney.