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A Trust is a complex legal document that is used in estate planning. Trusts can be either revocable or irrevocable. Trusts can be established to plan for incapacity, death, or established to hold assets for children, special needs individuals, or pets. A Revocable Living Trust and/or an Irrevocable Living Trust can contain your instructions for managing your assets and care during your lifetime should you become mentally incapacitated, and also can contain instructions for distributing your assets after you pass away. A properly prepared and funded Living Trust may avoid costly court proceedings at both incapacity and death.