How does a Living Revocable Trust differ from a Will?
First, we need to define the terms Living Revocable Trust, Trustee and Will. A Living Revocable Trust is a legal entity created by you for the benefit of designated beneficiaries, your wife, daughter, son, foundation or other entity, while you are alive and may be altered or terminated (revoked) during your lifetime. The property is passed on to other beneficiaries only after your death, and the revocable trust then becomes irrevocable. Simply stated, you created the trust and you can change or revoke the trust all together, if desired, and you, the trustee, control how the assets of the trust are used. A Trustee is a legal term for a holder of property for the benefit of another (the beneficiary). The trustee, you or someone appointed by you, holds, manages and/or invest the assets for the benefit of the beneficiary and is obligated to make decisions with the best interest of the beneficiary in mind. A Will is an instrument by which you make a disposition of your real and personal pro
