A living trust, (also known as an inter vivos trust), is a document executed by you whereby you create an entity, (the trust), which is controlled and managed by a trustee named by you. Often you are your own trustee. You transfer to the trustee most or all the property you own and instruct the trustee on how to manage the trust property. Typically, you would instruct the trustee to support you. You instruct the successor trustee (the trustee you named to take over after you), to terminate the trust on your death and distribute the property to your beneficiaries. In this typical situation, you are the "Settlor" (the person who created the trust), the "Trustee" (the person who manages the trust), and the "Beneficiary" (the person who benefits from the trust). Your heirs are beneficiaries after your death.

A living trust can be revoked or amended by you at any time during your lifetime. After your death it becomes irrevocable. The terms of the trust can be tailored to your particular wishes. For example, the trust does not have to terminate upon your death. It can continue for the benefit of other beneficiaries for a specified period or for the lifetime of the beneficiary.