A trust created while a person is still alive is called a revocable living trust. It is created when one person, a Grantor, places property into the trust. The property is held by a Trustee in the name of the trust and managed by the Trustee for the benefit of a Beneficiary. You (the Grantor) can also be the Trustee and Beneficiary of your own trust, and retain management control over your own property. Should something happen where you are not capable of being the trustee anymore, then your successor trustee takes control and must follow the trust’s terms and conditions.
If two people are married, they can also have a joint revocable trust, which has certain advantages.
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