What is a living revocable trust?

A living revocable trust involves a transfer of ownership of property into a trust. This is done over the course of a person's lifetime, and is often done to ensure that beneficiaries are not given their inheritance in one large sum.

There are three main parties involved in a living revocable trust, plus the trust assets. The grantor is the person who creates the trust and whose assets are being transferred. The trustee is responsible for distributing and managing the assets in the trust. Beneficiaries are the individuals who receive the assets in the trust. Finally, the trust assets are the different properties that transferred into the trust.