Trusts

While there are many types of trusts, a Revocable Living Trust (also called an Inter Vivos Trust) is a great option for managing your affairs during your life and after you pass. Such a Trust is another legally recognized document for holding ownership of your assets (i.e. a house or personal property) during your lifetime. You name a Trustee (usually yourself and, if married, your spouse) to manage your Trust's assets. You also name a Successor Trustee to take control of the Trust after you pass. Once you die, probate is unnecessary for the property in your Trust as the Successor Trustee is immediately in charge of your estate without involvement by a probate judge.