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A living trust is a legal arrangement established by an individual (the grantor) during their lifetime to protect their assets and direct their distribution after the grantor's death. It is an estate planning tool that can help family members and beneficiaries avoid a lengthy, public, complex, and sometimes costly, probate process. The biggest difference is that a will has no effect on your property while you're still alive and only takes effect after your death. A major benefit of the living trust is that it will not have to go through the probate process, as a will must do. Note, though, that in conjunction with a living trust, you should have a “pour-over will" to catch any assets that have inadvertently been left out. This would ensure that your property doesn't fall subject to state intestacy laws, which mandate the distribution of assets not covered by a will or trust. The pour-over will does have to go through probate.