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 or another person, and it helps in organizing and protecting the assets. The main benefit of a living trust is that it can help avoid the lengthy and costly process of probate when the grantor passes away. Additionally, a living trust provides flexibility, as the grantor can modify or revoke the trust at any time while they are alive. It can also ensure that assets are distributed according to the grantor's wishes after their death, providing peace of mind for both the grantor and their beneficiaries.