Which of the following best describes a "living trust" in property law?

A living trust is designed to hold and manage a person's assets during their lifetime, specifically for the benefit of themselves and/or other designated beneficiaries. The individual who creates the trust, known as the grantor, retains control over the assets and can modify the terms of the trust as needed. This arrangement allows for the seamless transfer of property upon the grantor's death, bypassing probate, thereby providing privacy and efficiency in managing the estate.

The attributes of the living trust align closely with the option reflecting that it holds property for the benefit of a specific person during their lifetime, capturing the essence of its purpose within property law. This arrangement is particularly beneficial for individuals who want to ensure that their assets are managed according to their wishes and can provide substantial advantages in the estate planning process.