Living trusts, or revocable trusts, are being used as a way to simplify estate planning, avoid probate, and ensure assets are managed if they become incapacitated. However, these strategies are not one-size-fits-all, and mistakes can be costly. Living trusts allow one person to hold assets and pass them to beneficiaries upon death without going through probate. The trust itself is a written document that outlines how the trustee will manage property, whether real estate, investments, or savings, for the beneficiaries. Despite this, even if the trust holds the assets, you still controls them. The author of "Get Your Ducks in a Row" explains that while living trusts can provide valuable financial assistance, they can also be difficult to fund.