WHAT IS A REVOCABLE LIVING TRUST?

A Trust is a contract where one person transfers property to another person for the benefit of a third person. Example: "X" transfers property to "Y" to manage for the benefit of "Z". If the creator of this arrangement sets it up during his or her lifetime, it is called a "LIVING TRUST". If the creator retains the right to dissolve the trust, it is a "REVOCABLE LIVING TRUST". A living trust, properly funded, will AVOID PROBATE. This is the most advertised advantage of a living trust; this represents a great savings. A living trust AVOIDS PUBLICITY. Estates which pass through probate such as a Will are public record. Anybody who wants to, can see it. Property in the trust avoids publicity and achieves privacy both as to its contents and who receives it.