What is a Revocable Living Trust?

What is a Revocable Living Trust?  There are various different types and forms of a trust.  The most widely utilized is a revocable living trust, which is a trust created during your lifetime that can be terminated or changed during your lifetime as long as you are mentally capable.  When you die, the trust becomes irrevocable, and the trust is then administered according to the instructions in the trust document.  The trust designates a trustee who is responsible for the administration and management of the trust assets.  Assets held in trust are not subject to the probate process because, at your death, the trust is considered a separate legal entity.  Because the trust is not probated, the beneficiaries of the trust have immediate access to the trust assets, and therefore, the distribution of the assets is generally quicker.