- A living trust appoints a trustee to manage the assets of the beneficiary while the trustee is still alive.
- Trustees with fiduciary duties manage trusts in accordance with the interests of the beneficiary.
- Living trusts can be both irrevocable and revocable, which are very different from each other in terms of tax treatment and flexibility.
- Trusts are sometimes preferred over wills as they can avoid the probate process.