Revocable Living Trust
In a typical revocable living trust (sometimes called a “revocable inter vivos trust” or a “living trust”), the person who created the trust – often called the grantor, settler, or donor – transfers ownership of assets into a trust, which is managed by the trustee for the benefit of the trust’s beneficiaries. The grantor, who often serves as trustee, can revoke the trust and make other changes, such as substituting beneficiaries or taking assets out of the trust, at any time. The trust becomes irrevocable upon the grantor’s death. A revocable living trust is widely recognized as a will substitute.