What is a revocable intervivos/living trust?
In a revocable trust, the settlor or grantor (who funds the trust) retains control of the property and can end the trust and take back the assets at any time. The person establishing the trust is often – at the same time – the settlor, the initial trustee, and the beneficiary of the income of the trust until his or her death. At death, the trust becomes irrevocable and the property in the trust passes to other beneficiaries. One advantage of a trust established in the lifetime of the settlor is that any property held in it is not part of the probate estate and passes directly to the beneficiary at the settlor’s death. A trust established when the settlor is alive is called an intervivos trust. Because an intervivos trust is not probated, the terms of the trust can remain private.
