What are the advantages of a Living Trust?
The most common reasons people set up a Living Trust are:
You avoid Probate: If all your property is in trust when you die (or become incompetent), then legally you don’t own anything in your name. This means, if you die, no probate (formal court administration of a decedent’s estate) is needed to pass your property on to your beneficiaries.
Or if you become incompetent, no conservatorship (formal court proceedings to administer an incompetent person’s assets) is needed to manage your property.In either case, the person that you name in your trust