A growing number of Americans, seeking to avoid probate and its attendant costs, have instituted a living trust instead of a will (sometimes in addition to a will). Both sole owners and co-owners can hold title to a home in a living trust. Among other provisions, this allows for automatic property disposition upon death, according to the trust terms, without delays or probate costs.
Whether you are no strings attached, married, or in a committed relationship, you will no doubt want to see a lawyer and or an accountant to discuss the ramifications of various types of property ownership as they affect your estate.
Until death, the property owner retains complete control over the living trust property, as its trustor, trustee, and beneficiary. When that trustor dies, the trust assets automatically pass according to its terms to the person(s) designated. During the trustor's life, the living trust can be changed and the properties (including, naturally, real estate) in that trust can be bought, sold, and refinanced the way they would be if there were no trust.