What are the benefits of forming a living trust?

A revocable or living trust allows the trust creator to hold assets in the name of the trust which are transferred to a successor trustee who then distributes them to your selected beneficiaries upon the death of the trust creator. A properly settled and funded living trust avoids probate, the court supervised process of distributing a deceased person's estate which can be lengthy and costly, protects your privacy because a trust does not become part of the public record, and allows a successor trustee to seamlessly manage your affairs without court intervention in the event that you are incapacitated. You may retain control over all assets placed into a living trust because you may alter or revoke all or any part of it during your lifetime.