What is a living trust?

Living trusts can be either revocable or irrevocable.  If revocable, they allow you to hold property, such as real-estate, for the benefit of heirs, which property passes directly upon death without the need of probate.  During your lifetime, you retain full control of your assets.  Irrevocable trusts, however, dominate control of assets during your life, though they offer creditor protection when properly drafted.