What is a Revocable Living Trust?
A revocable living trust, also known as an intervivos trust, is a trust that you create during your lifetime. You still have complete control over all of the assets that you put into the revocable living trust.
The reason it’s revocable is because you can change it at any time. If you want to amend it, if you want to revoke it, whatever you want to do, you can do as long as you do it correctly with the right legal documents.
That’s kind of the definition that anybody will give you for a revocable trust. But what is a revocable trust and how can it help you?