What is a Living Revocable Trust?

Answer

The centerpiece of your Estate Plan is the Living Revocable Trust. A Trust is a contract  between the Grantor (the person who creates the Trust who, incidentally, is you) and the Trustee (the person who will manage the Trust assets, who is also you!).  In the Trust contract the Grantor (you) gives all of his or her assets to the Trustee (also you).  Obviously, you never really give yourself anything.  The concept of giving yourself stuff you already own is called a “legal fiction.”  A Trust is “living” because it takes effect while you are alive.  It is “revocable” because you can amend (change) or revoke (cancel) your Trust at any time during your life.