Legal Question in Wills and Trusts in Wyoming

Re: living trust married couple with children

(From the NOLO.com website)

A trust is an arrangement under which one person, called a trustee, holds legal title to property for another person, called a beneficiary. You can be the trustee of your own living trust, keeping full control over all property held in trust.

A "living trust" (also called an "inter vivos" trust by lawyers who can't give up Latin) is simply a trust you create while you're alive, rather than one that is created at your death under the terms of your will.

Different kinds of living trusts can help you avoid probate, reduce estate taxes or set up long-term property management.