There are many good reasons for setting up a trust while you're alive. These trusts are commonly referred to as living trusts or revocable trusts and are often established because:
- You want to ensure a more seamless management of your assets in the event you become incapacitated or otherwise unable to manage your financial care.
- You own property in more than one state, so that your will would have to be probated in each of those states.
- You want to avoid South Dakota's probate process.
- You'd like to better ensure that your estate plan is kept private and not made a matter of public record.
Source: The Vanguard Group, Inc.