A living trust is basically a legal arrangement in which a
person retains, manages, controls and eventually disposes of
property for another person. The person who retains, manages and
controls the property is called the trustee. The person for
whose benefit the property is being retained, managed and
controlled is called the beneficiary. The person who establishes
the trust and places property into it is known as the grantor or
settlor of the trust. It is possible for the same person to be
the grantor, trustee and a beneficiary of the trust he or she
creates. Like a will, a living trust is created while you are
still alive. Unlike a will, however, the living trust operates
both during your lifetime and after your death. A will, on the
other hand, does not take effect until your death. A living
trust allows you to arrange for the management of your property
while you are alive. A living trust also allows the property in
the trust to pass to beneficiaries of your choice after your
death without probate proceed