You can set up a trust during your life. Living trusts are an excellent way to avoid the cost and hassle of probate because the property you transfer into the trust during your life passes directly to the trust beneficiaries after you die, without court involvement. The successor trustee--the person you appoint to handle the trust after your death--simply transfers ownership to the beneficiaries you named in the trust. Living trusts are also called "inter vivos trusts."

 

QUICK LINKS 

The following are some helpful quick links to the definitions of commonly used Estate Planning terms:

• Wills

• Trusts

• Probate

• Power of Attorney

• Advance Health Care Directive

• Conservator

• Special Needs Trust