A living trust lets you specify who will receive your property without the need for intervention by the Probate Court. It is administered by your successor trustee. A properly drafted and funded trust can help your family avoid the time and expense of probate administration, as well as streamline the transfer of assets to your beneficiaries.
A trust can also provide guardian-like and consevator-like powers for the successor trustee (often an adult child of the trust creator) without the incuring the expense of petitioning the Court for these powers. These powers can help you manage and preserve parents' assets to provide for their care.