GLOSSARY · TAX & ESTATE

Revocable living trust

A trust created and funded during life that the creator can change or cancel at any time, usually acting as their own trustee. A named successor trustee takes over at incapacity or death without a court, which avoids probate for the assets the trust holds. It does not reduce income or estate tax and does not shield assets from the creator's own creditors.

Also called: living trust, revocable trust, grantor trust
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CHAPTER · LEGACY & PHILANTHROPY PLANNING · STRATEGIESWills, Guardians and the Documents Every Plan NeedsCHAPTER · LEGACY & PHILANTHROPY PLANNING · STRATEGIESAvoiding Probate with Beneficiary Designations and Living Trusts
RELATED TERMS
ProbateBeneficiary designationDurable power of attorney
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