ABA Family Legal Guide

The Rights of Older Americans

A Right to Control Your Own Affairs

Living Trusts

What is a living trust useful for?

Living trusts are one way of ensuring that someone (a trustee) has the legal authority to manage your estate properly if you become incapacitated or simply do not wish to manage your own estate anymore. They also may be used to avoid probate proceedings after the death of the person establishing the trust. They are especially useful when there is a substantial amount of property and professional management is desired. Like the durable power of attorney, a living trust may make it unnecessary to have a guardian or a conservator appointed to manage your financial affairs. However, a trust is generally more expensive to create and to manage than a durable power of attorney.