The right of revocation is not the only way that you control this type of trust. If you create a revocable living trust, you are called the grantor of the trust in legal parlance. The trustee is the person or entity who administers the trust, and the beneficiary is the person who receives monetary distributions from the trust. As the grantor of a living trust, you can act as the trustee and the beneficiary while you are living, and most people do choose to assume these roles. Since you are the trustee, you control the trust while you are alive and well.
Topics covered in this report include:
- Revocable Living Trusts
- Irrevocable Trusts