Revocable Trust
A revocable trust is an agreement that whereby a party (Settlor) transfers ownership of property to a trust to be managed by a party (trustee) for the benefit of a party (beneficiary). The trust is revocable because the settlor retains the power to amend or revoke the trust.
A revocable trusts is deemed a "living" trust, or inter vivos trust, when it is established during the settlor's lifetime and the settlor has retained the right to reoke or amend the trust during his or her lifetime.
This brief overview of some important considerations associated with revocable trusts, living trusts, and inter vivos trusts is by no means comprehensive. Always seek the advice of a competent professional when making important financial and legal decisions.