Living Trust:

A “living” trust (also called an “inter vivos” trust) is simply a trust you create while you’re alive. The beneficiaries you name in your living trust receive the trust property when you die. You could instead use a will, but wills must go through probate—the court process that oversees the transfer of your property to your beneficiaries.

Many people create a revocable living trust as part of their estate plan. These trusts can be modified or revoked at any time. Typically, you’ll name yourself as the “trustee” of your trust. This means that while you are alive, you retain control of the trust and its property. In your trust document, you will also name a “successor trustee” to take over and manage the trust (distribute your property) after you die. (If you create a shared living trust, as is often done by spouses, then your successor trustee would assume control after both spouses have died.

Will:

A will or testament is a legal document that expresses a person’s wishes as to how their property is to be distributed after their death and as to which person is to manage the property until its final distribution.