In a living trust, ownership of property is transferred from one person (the settlor or grantor) to a “trustee.” The trustee uses and manages the assets on behalf of the trust’s beneficiaries. The settlor and trustee can be and often are the same person. You can place your assets into a trust and use them during your lifetime. Upon your passing, they can then be distributed to the beneficiaries you name in your trust.
It is important to note that there are some things you may not be able to include in a trust, so be sure to speak with your estate planning attorney.