What is a Trust? Living, Revocable or Irrevocable Trust?

This is the second in a series called What’s An Estate Plan? An Estate Plan is a set of documents that deals with your assets both now and upon your death.A Trust is a document that protects your assets upon your death and during your life. It is a method you can use to avoid probate and all the issues that entails by providing a private transfer of your property. It can be created for your benefit or for someone else’s, or both.
When creating the trust you’ll have to answer the following basic questions:

Is this Trust a Living Trust [for use during your lifetime] or a Testamentary Trust [it goes into effect after you have passed away]?
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