what is the advantage of a living trust?

Answer 1

It avoids having to probate the estate assets with local court,saves time not much money.
It avoids having to file an ancillary estate in another state where you may own real or tangible property. Can be the biggest savings of a trust.
It allows for an orderly management of your assets if you become incapacitated because of the substitute trustee provisions. Save your family from having to go to court to have you judged incompetent.
One drawback in some states is that it destroys asset protection provisions of other ownership options. And it could open the assets to a three statute of limitations for creditor claims.
Never buy a living trust from a seminar, always have an attorney draft such a trust specifically for your situation.