A common misconception is that trusts are used only by the wealthy. On the contrary, many people create simple trusts called "revocable living trusts" to leave their property to loved ones after they die. The big advantage of a living trust over a will is that trust property can be transferred to your inheritors without the delay, cost, and hassle of probate court. 

Find out more about how living trusts work, other types of trusts, and what to do if you find yourself acting as the trustee of a trust.

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