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A living trust is a legal arrangement where a person (the grantor) transfers ownership of their assets into a trust during their lifetime, to be managed by a trustee for the benefit of designated beneficiaries. Unlike a will, a living trust allows for the seamless transfer of assets upon the grantor’s death, bypassing the often lengthy and costly probate process. It offers greater privacy and control over how assets are distributed and can also be useful in managing assets in the event the grantor becomes incapacitated.
