Which of the following best describes a living trust?

A living trust is best described as a trust set up during a person's lifetime for property management, making the choice of "C" the most accurate. This type of trust allows individuals to place their assets into the trust while they are still living, enabling them to manage their assets and specify how those assets will be distributed after their death. One of the primary benefits of a living trust is that it allows for a smooth transition of asset management, potentially avoiding the probate process, which can be lengthy and costly.

Living trusts can be revocable or irrevocable. A revocable living trust can be altered or dismantled by the trust creator during their lifetime, providing flexibility. This feature allows the individual to retain control over their assets, ensuring they can modify their plans as circumstances change. Moreover, upon the person’s death, the assets within the trust can be distributed according to the terms laid out in the trust document without the need for court intervention.

The other options do not accurately capture the essence of a living trust. For example, framing the trust as solely a means for tax evasion does not reflect its broader purposes, such as asset management and estate planning. Similarly, a living trust is established during life, not after death, and is not limited to