A living trust is created by a trustor when she is alive. She transfers title of her assets (automobiles, bank accounts, real estate, investments, etc.) into a trust and at the time of her death, it is transferred to her designated beneficiaries. A living trust is very important to have as it bypasses the costly and time-consuming process of probate. At her death, it enables the successor trustee to immediately carry out her instructions as documented in her living trust which is unlike a will. The living trust also allows for the successor trustee to carry out the trustor’s financial, healthcare, and legal affairs if she becomes incapacitated.