A Revocable Living Trust owns and manages your property (such as real estate, stocks, motor vehicles, and bank accounts) for your benefit while you are alive. You can revoke or amend your Revocable Living Trust until you become legally incompetent or you die.

You appoint a person(s), called a trustee, to manage all the trust property according to the terms of the trust. Normally, you appoint yourself as the first trustee. You appoint successor trustee(s) to manage the trust for when you are disabled, incapacitated, or upon your death.

Upon your death, the trustee(s) will either distribute trust property, or continue to hold and manage the property for the benefit of your beneficiaries based on the terms of the trust.

The terms of the trust are a set of instructions that you create stating how the trust property is to be managed, and who will benefit from the trust property - now and after your death.