What is a Revocable Living Trust?

A Revocable Living Trust is a popular estate planning document that you can use to determine who will receive your property when you die.  The Revocable Living Trust is created by the Trustor to hold and own Trust assets, which are in turn invested and spent for the benefit of the Trustor and the Beneficiary by the Trustee.  A Revocable Living Trust takes effect during your lifetime and can be changed or terminated at any time. You, as the Trustor, retain control over the property in the trust by naming yourself as the Trustee and naming a successor Trustee to take over the Revocable Living Trust administration at the time of your death. A Revocable Living Trust is an important tool that allows you to continue to enjoy the use of your property during your life and avoid the necessity of a probate procedure for the distribution of your property after death.