A revocable living trust is an instrument created for the purpose of protecting your assets during your lifetime. It also creates an avenue to pass your assets with ease after your death.

Every trust has several parties involved: There are two kinds of living trusts: revocable and irrevocable. Let’s look at the key differences between the two. Read Next: Ramit Sethi: Track These ...

It can be an essential part of estate planning. A key benefit of a living trust, also known as a revocable trust, is you retain control of your assets and property in the trust during your lifetime.