Simply stated, a living trust takes the place of your Will in that it merely states who is going to receive your assets after you die. A living trust avoids probate because during your lifetime (after your sign your trust) you transfer the "title" of your assets to your name(s) as trustee(s) of your trust. Later, when you die, since you do not own your assets as an individual but rather, as trustee of your trust, the assets do not have to go through the probate "title" transferring process. Your successor trustees have the full power to transfer or sell your trust assets and distribute them according to the directions contained in your trust. You still retain total control over your assets during your lifetime. When your assets change (i.e. you sell your house or move your investments to a different location) you merely keep track of those asset changes at the back of your trust in the asset schedules-you do not need to see a lawyer to do this.

You should see a lawyer if you want to amend your trust. The most common amendments involve a change of beneficiaries or a change of successor trustees.