A trust is an arrangement whereby certain assets are transferred to an individual (“trustee”) to manage according to certain terms for the benefit of an individual or entity. A “revocable living” trust indicates that the trust may be modified or otherwise amended by its creator (“settlor”) during that individual’s lifetime. Upon the settlor’s death, the trust may not be amended or otherwise modified, thereby becoming “irrevocable.” Generally speaking, a revocable living trust is formed as an estate planning tool with the settlor as both the trustee and the trust’s beneficiary. Title assets in the name of the trust can be one method to avoid the probate process.
