What allows a trustor to convey title to a trustee for the benefit of a third party during their lifetime?

A living trust is specifically designed to allow a trustor, who is the person creating the trust, to convey title to a trustee for the benefit of a third party while they are still alive. This type of trust is established to manage assets during the trustor's lifetime and allows for the seamless transfer of those assets upon the trustor's passing, often avoiding the probate process.

In a living trust, the trustor can specify how the assets should be managed and distributed, providing flexibility and control over the trust property. This structure is especially beneficial for estate planning purposes, as it enables the trustor to make decisions regarding their assets while ensuring that their intentions for the beneficiaries are fulfilled even after their death.

While a land trust and other options may also involve conveying property interests, they don't specifically have the same intent or structure as a living trust, especially concerning managing assets for third-party beneficiaries during the trustor’s lifetime. A will, on the other hand, only takes effect upon death and does not allow for any management or conveyance of property while the trustor is alive, and a division of property refers to the separation of property interests, which is not aligned with the concept of conveying title in the context of trusts.