Living Trust or Revocable Trust

A living trust, also known as a revocable trust, is a legal document that, just like a will, contains your instructions for what you want to happen to your assets when you die. But, unlike a will, a living trust avoids probate at death, can control all of your assets even after you are gone, and prevents the court from controlling your assets at incapacity.

Does a Trust and a Will do the Same Thing?
Not quite. A will requires all of your assets to go into probate, to be distributed at the court’s order to the heirs you chose in the will.