It is a will that offers some protection for your property.
It could prevent your home from being interfered with by a third party, like being means tested for a care home fee assessment.
It is designed for couples, when the first partner dies their share of the property is placed in a Trust for the beneficiaries usually children or family, also if the surviving partner remarries the deceased's share of the property is fully protected for the original beneficiaries.
Living Trusts are designed to protect your assets during your lifetime and to give you peace of mind that they can be passed on securely and intact to your spouse, your children and their bloodlines after your death as you would wish.
A Living Trust is a lot like a will,however a will only becomes effective after you die and after the probate process. A Living Trust is effective while you are still alive.
You can place many assets into a Living Trust such as property, savings and investments.
A Living Trust bypasses the time consuming process of probate. The trustees don't have to wait to carry out your instructions upon your death - they can do it immediately which is very beneficial if your unable to manage your affairs due to incapacity such as dementia.
A Living Trust can protect your share of assets for your children in the event of your partner remarrying. You place your assets in the Trust to make sure your beneficiaries receive them at a time that's right for you and them.