This article is intended for educational purposes only and is not legal advice. For guidance on your personal situation, please contact a lawyer.

If you're at the point in your life where you're seriously looking at your final wishes, you may well find yourself deciding whether to use either a living trust or a will as the main vehicle for distributing your assets when the time comes.

There are some differences. A living trust is created while the grantor -- in this case, you -- is still alive. It's a legal arrangement that designates a trustee to manage the assets for beneficiaries, which can include you, by the way. 

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Source Fool.com