What is a Living Trust wrt wills?

Can anyone tell me what one is in plain english or direct me to a site to? Is it just you sign over your assets to someone when you die? rather than it going through probate? so they have the right to your property etc or whatever you leave to them? if you left someone everything to then disperse to other places etc. would that be ok? it seems like more of a pain in the butt than just getting someone to be Executor no? could you leave your house to someone to sell and split into 3 and disperse to different charities? or once you give the property to that person it is that persons?

http://www.do-it-yourself-wills.co.uk/
http://uk.biz.yahoo.com/01112007/401/wri...
http://www.gb-legal.com/
http://www.charity-commission.gov.uk/sup...

It is a good idea to take professional advice over your will, as there are all sorts of things which don't occur to you e.g. tax implications. If you leave your property to charities, then they take the gift tax free, whereas if you leave it to an individual on the understanding that it will be sold and the proceeds distributed to various charities, then what there is to share out could be seriously depleted by tax, quite apart from the fact that you are in effect leaving property in trust and the law of trusts can be a minefield. If you own your own house and other assets, then it really is worth taking proper advice.

I think a "living trust" is something specific under US law. In England a trust is basically a way of seperating the legal ownership from the beneficial ownership. EG I am the legal owner (trustee) of this property, but you (beneficiary) are entitled to the benefit of it. Trusts are used in many different ways, but one simple example is property held on trust for children until they are 18 or 21.

Trusts can be set up when you are still alive, or in your will. Maybe what you are calling a Living Trust is simply one set up during life. The legal requirements of setting up a trust are the same both ways, but if you set up a "living trust" you can do it yourself as you want it, rather than trying to write it all down and hope your executors can work it out.

If you wait until you die then by definition probate etc is involved, you must give the property away to the trust to avoid this. You could leave all your property to someone, for them to disperse, but you have to trust that person, and there may be other implications such as their tax bill to consider.

This is a seriously complicated issue. The best thing do to is to consult a solicitor experienced in these matters.