What is a living trust? How is a living trust different from a will? Is a living trust better than a will? Yes… Read more below. A living trust is a legal document that partially replaces a will. Sometimes it is called a “revocable living trust”, a “probate avoidance trust” or just a “living trust”. Lots of names – all the same thing. It is a way to pass your money, real estate, bank accounts, stock, furniture, jewelry, gun collection, etc. (I will refer to this as “All of Your Stuff” or AYS hereinafter, a very technical term) without paying probate tax and without going through the expense and time of probate, which can be difficult and drawn out, particularly when your family has lost a loved one…. in this case, you! Why do I need one? OR … Why should I avoid probate? The living trust has two pretty cool features right out of the gate. First, the most commonly discussed and understood…
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