A Living Trust is a legal document that allows a person, known as the grantor, to place their assets into a trust during their lifetime. This trust is managed by a trustee, who can be the grantor themselves or another person. The main purpose of a living trust is to ensure that assets are distributed according to the grantor's wishes after their death, avoiding the lengthy and costly process of probate. One of the key benefits of a living trust is that it provides privacy, as the assets do not go through public probate court. Additionally, a living trust can help manage assets in case the grantor becomes incapacitated, allowing the trustee to step in and manage the assets without court intervention.