{"id":287077,"date":"2016-04-04T11:02:20","date_gmt":"2016-04-04T16:02:20","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/estate\/trusts\/living-trust-information.html"},"modified":"2025-07-25T10:49:00","modified_gmt":"2025-07-25T15:49:00","slug":"living-trust-information","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/estate\/trusts\/living-trust-information.html","title":{"rendered":"What Is a Living Trust?"},"content":{"rendered":"\n
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What Is a Living Trust?<\/h1>\n\n
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\n By FindLaw Staff<\/a> | Legally reviewed by Aisha Success, Esq.<\/a>\n | Last reviewed\n
\n \n <\/i>\n Legally Reviewed\n <\/summary>\n\n
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This article has been written and reviewed for legal accuracy, clarity, and style by FindLaw\u2019s team of legal writers and attorneys<\/a> and in accordance with our editorial standards<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n\n

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The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n\n\n

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A living trust is an estate planning tool that lets you manage your assets during your lifetime and lets you control how your property will be distributed to your beneficiaries when you pass away.<\/p>\n\n <\/div>\n\n\n\n

A living trust contains an agreement that outlines and identifies your assets, beneficiaries, and trustees. It provides asset protection and potential tax benefits and lets you distribute your property without going through probate proceedings.<\/p>\n

Benefits of a Living Trust<\/b><\/h2>\n

A grantor creates a living trust while the grantor is alive. These trusts are sometimes called \u201cinter vivos\u201d (Latin for trusts \u201camong the living\u201d). This contrasts with testamentary trusts, created in a grantor’s will and only exist when the grantor dies.<\/p>\n

Trusts can be revocable or irrevocable. The pros and cons depend on the type of living trust you create.<\/p>\n

Revocable Living Trust (RLT)<\/b><\/h3>\n

The grantor of a\u00a0revocable living trust<\/a>\u00a0reserves the power to change or revoke the terms of the trust. Even though the trustee holds legal title, the grantor retains some control over the trust assets. In many cases, the grantor\u00a0is\u00a0the trustee.<\/p>\n

The flexible nature of revocable living trusts (RLT) is attractive to grantors. These kinds of trusts are far more common than irrevocable living trusts (ILT).<\/p>\n

Advantages of an RLT include:<\/b><\/p>\n