WHAT IS A REVOCABLE INTER VIVOS TRUST?

A revocable inter vivos trust is also commonly referred to as a "living trust" or a "family trust." A revocable inter vivos trust may be amended or totally revoked at any time during your lifetime, as long as you remain competent. A trust is a written agreement between the individual creating the trust (commonly known as a "trustor," "grantor" or "settler") and the person or institution who is to manage the assets held in the trust (commonly known as the "trustee"). The trustee may be either an individual or a bank or trust company; for a bank or trust company to act as a trustee, the institution must be licensed by the State of California. You create a trust by executing a written agreement. In the written agreement, you give the trustee the legal right to manage or control your property; identify the persons or institutions ("beneficiaries") who are to receive income or principal; and, set forth the provisions which will guide the trustee in the management and distribution of the ...  more