revocable living trust

An agreement expressing how an individual's property will be distributed and managed during their lifetime and after their death. The trust generally involves the grantor who creates the trust; the trustee who manages the property based on the terms of the trust; the beneficiary who will receive the funds or property from the trust. The trust is categorized as 'living' when it is created during the lifetime of the grantor. It is classified as 'revocable' when the grantor reserves the right to modify or even rescind the trust during their lifetime.