by 
The Curious Bag
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A revocable living trust is a legal document used for estate planning. Technically, a trust is a legal relationship that is used to hold personal and real property.
Features
A trust is a legal relationship among a trustor, trustee and one or more beneficiaries. The trustor creates the trust, the trustee manages the trust and the beneficiaries receive trust disbursements.
Function
A revocable living trust is used to avoid probate, the formal legal process that occurs when people die and their property passes to their heirs. Revocable living trusts also allow trustors to share the benefits of property with other people.
Revocable
A trust is revocable unless its written terms expressly say it is irrevocable. When a trust is revocable, the trustor can terminate it at any time, without needing permission or approval from a court, the trustee or the beneficiaries.
Living
A trust is a living trust when it is created during the trustor's lifetime. The trust continues to exist after the trustor dies.
Expert Insight
Unless you own more than $1 million in property, you can create your own trust without a lawyer. You just need to use a good trust form. You can buy reasonably priced forms from websites such as Uslegalforms.com and Legalzoom.com.
Source:
Nolo's Make Your Own Living Trust; Attorney Dennis Clifford; 2009
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