Do I need a living will/trust?
In the United States, a living trust refers to a trust that may be revocable by the trust creator or settlor (known by the IRS as the Grantor). Living trusts are often used because they may allow assets to be passed to heirs without going through the process of probate. [...]

What is probate?
Probate is a judicial process whereby a personal representative is appointed to handle and distribute the assets of a person who has died (the “decedent”). Assets are anything a person owns of value, such as real or personal property, cash, etc.