Estate planning is your personal plan to manage your assets. It allows for management by others you have appointed if you become incapacitated and distribution of your assets after your passing. The foundation of your estate plan will often include a revocable trust. It will also include ancillary documents that appoint and guide others to make financial and healthcare decisions for you.
Often times you will appoint family members or sometimes accountant and professional fiduciaries to help in the estate planning process.
The ideal estate plan minimizes taxes, expenses, and delays, and assures that your assets are available for your care and ultimately reach the intended heirs.
A living trust is merely a way to hold title to your assets. Assets that are placed in the trust avoid the probate process and allows your trustee to administer your estate without the cost and delays of probate.
A Living Trust can be revocable or irrevocable. Most trusts are revocable, this allows the creator of the Trust to change or modify the terms and assets during their lifetime. This is a legal document that holds title or ownership to your real property and assets. When you create a Living Trust you transfer ownership of your assets to the trust. Transferring assets is typically called "funding." When you transfer title you do not relinquish any control. You can still buy, sell, borrow or transfer property held in the name of the trust.