(also known as Living Trust, Revocable Trust, Grantor Trust)

A trust is a document that easily allows for you to appoint someone to take over managing your assets either 1) when you are no longer able to do so yourself, or 2) when you pass away. Think of a trust as a rulebook, and you get to make the rules about who has authority over your assets and who receives what, how much, and when. When your assets are in a trust, there would be no need for a probate proceeding.