A living trust is a trust that is created during life. A revocable trust is one that the trustor can change, amend, or even do away with altogether. Some trusts (known as testamentary trusts) are created after death, usually in the decedent’s death. Irrevocable wills cannot be changed. In a revocable living trust, the truster is usually also the trustee and is entitled to the use and enjoyment of the assets for life, with the assets passing to remaining beneficiaries at the death of the trustor. A revocable living trust avoids probate by giving legal title to trust assets to a specified successor trustee who then distributes the assets by the terms of the trust. The trust instrument itself provides for transfer, so it is not necessary to have a court supervise the transfer and the disposition of assets in probate.
