What is the main function of a living trust?

The main function of a living trust is to manage assets during the grantor's lifetime. A living trust allows the individual (the grantor) to place their assets into a trust while they are still alive, giving them control over these assets. This type of trust is particularly beneficial for ensuring that the assets are managed according to the grantor's wishes, providing flexibility in terms of how the assets are used or distributed.

Additionally, a living trust facilitates the seamless transfer of assets to beneficiaries upon the grantor's death, helping to avoid probate. Because the assets are held in the trust rather than in the individual's name, this arrangement can also provide privacy, as the trust does not go through the public probate process. Overall, the primary advantage lies in the effective management and organization of the grantor's assets while they are still living, ensuring that the grantor's intentions regarding those assets can be honored both during their life and after their passing.