Understanding the Duties and Responsibilities of a Successor Trustee
What You Will Need To Do At The Grantor's Incapacity And/or Death
2. What is a trust?
A trust is a legal entity that can "own" assets. The document looks much like a will. And, like a will, a trust includes instructions for whom you want to handle your final affairs and whom you want to receive your assets after you die. There are different kinds of trusts: testamentary (created in your will after you die); irrevocable (usually cannot be changed); and revocable living trusts.
Today, many people use a revocable living trust instead of a will in their estate plan because it avoids court interference at death (probate) and at incapacity. It is also flexible. As long as you are alive and competent, you can change the trust document, add or remove assets, even cancel it.