There are so many living trust benefits it is hard to list them briefly.
They include:

• Avoidance of probate costs and delays. When the trustor dies, the assets are transferred by the alternate trustee quickly and with minimal expense to the specified beneficiaries.

•Avoidance of possible conservatorship. A little-known major living trust benefit occurs if the trustor becomes incompetent. Then the alternate trustee takes over management of the trust assets without court costs and delays of appointing conservator.

•Ability to make changes. The living trust terms can be changed or revoked at any time until the trustor dies. Then the trust obviously becomes irrevocable. This feature prevents a surviving spouse from disinheriting a beneficiary named in the living trust, such as a child from the deceased spouse's first marriage.

•No tax penalty. Transferring assets into a living trust does not affect real estate taxes even in states where title transfers trigger reassessments, such as California.

Planning
Alternatives

Avoids probate at death of first spouse
 Avoids probate at death of second spouse provides maximum
tax savings		 Avoids need
for conservator-
ship		 Provides family privacy Establishes trust for beneficiaries Allows maker to pre-test administration during own lifetime Prevents attachment of beneficiary's assets
Intestate Succession
(No will)
No
No
No
No
No
No
No
No
Joint tenancy
Yes
No
No
No
No
No
No
No
Simple will
No
No
No
No
No
No
No
No
Testamentary trust
No
No
Yes
No
No
Yes
No
Yes
Unfunded
living trust
No
No
Yes
No
No
Yes
No
Yes
Funded
living trust
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes

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