A living trust is a legal document that partially substitutes for a will. With one, assets are put into the trust, administered during life, and then transferred to beneficiaries at death.
Most people name themselves as the trustee in charge of managing their trust's assets. This way, even though these assets have been put into the trust, one can remain in control of them. A successor trustee who will manage the trust's assets if incapacity occurs is also nominated. A revocable living trust may be amended at any time by whoever created it as long as he, she, or they are still competent.
A living trust gives the trustee the legal right to manage and control the assets in the trust, names the beneficiaries who are to receive the trust’s assets at death, and gives guidance, certain powers and authority to the trustee to manage and distribute the trust’s assets.