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so a living trust
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and that can be stated in a variety of
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ways it can be a revocable living trust
00:11
and i’ve heard many many different terms
00:14
but a living trust is sort of this
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bucket that will hold all of your
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assets well i should say most of your
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assets
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and you title those assets
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in the name of that trust it’s a living
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instrument
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meaning it lives with you unlike a will
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where it only comes into effect after
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your passing
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this bucket holds your assets for you
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and if you become incapacitated all of
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those assets that are in that bucket
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are going to be managed by your
00:49
successor trustee
00:51
by the person that you selected that you
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trust
00:54
to handle your financial affairs so that
00:57
after you pass away that bucket still
01:00
is in existence and your successor
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trustee then takes those assets
01:04
out of the bucket and then distributes
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those to your beneficiaries