When you set up a living trust, you are the settlor of the trust. A Living Trust is simply a legal document in which you, as settlor, transfer your assets to a trustee. You can name yourself as trustee. As trustee, you hold and manage the property for your benefit according to your instructions. The office of Trustee is like the office of President of the United States. If the President resigns, becomes incapacitated, or dies the Vice-president becomes President automatically. If you resign, become incapacitated or die, your successor trustee becomes trustee. If you become incapacitated, the successor trustee you have chosen takes over and continues to manage for your benefit, avoiding a conservatorship (living probate). Upon your death, the beneficiaries you have named receive the trust property. Most Living Trusts are amendable and revocable. This means the settlor can change the trust any time and can even cancel it.

Living Trusts avoid probate and conservatorship proceedings.