A trust is an arrangement whereby trustees take legal title to property for the purpose of protecting or conserving it for the beneficiaries. A settlor or grantor is a person who places the property into the trust. In a revocable living trust, the settlor or grantor can be named as trustee, allowing that person to retain full control over the trust during their lifetime.

A trust avoids probate because the transfer is usually during the life of the grantor - whereas property transfers after death with or without a will must pass through the probate court. Though most assets are controlled by the trust, usually a pour over will is needed to ensure all assets not given to the trust are transferred to the trust at death and are distributed according to the trust’s terms. Those assets must still go through probate, but as a result the cost of probate is reduced.