Which is a common feature of living trusts?

Living trusts are designed to allow for the management of assets during the grantor's lifetime, making them a practical estate planning tool. One of their primary features is that they enable the grantor to retain control over their assets while also setting clear guidelines for how those assets should be handled if the grantor becomes incapacitated or passes away. This management aspect can involve the grantor actively using the assets and designating a successor trustee to take over management seamlessly if needed.

In contrast to other options, a living trust does not need to be established in court, it can typically be revoked or amended at any point during the grantor's lifetime and is not limited to charitable purposes. These characteristics make living trusts a versatile instrument in estate planning, prioritizing the grantor's wishes and ensuring continuity in asset management.