The title "Revocable Living Trust" is given to these types of Trusts:
As this term indicates, the Trustor/Settlor can revoke, amend or modify the Trust at any time during his or her lifetime.Living.
As this term indicates, the Trust is established during the lifetime of the Trustor/Settlor. Trusts can also be established in a person's Last Will and Testament, but these types of Trusts are called "Testamentary Trusts" and they do not avoid probate.Trust.
As this term indicates, the assets are transferred in trust to the Trustee who is legally required to carry out the instructions of the Trustor/Settlor as set forth in the Trust document. You may hear Revocable Living Trusts also referred to as "Inter Vivos Trusts", "Settlor Trusts", "Marital Trusts", "A-B Trusts", or other similar terminology.
Typically in family type living Trusts, the "Trustor/Settlor" and the "Trustee" are the same person(s). For example, Bill and Mary Smith, as Settlors, transfer their assets to Bill and Mary Smith, as Trustees. During their lifetime there is no significant change in managing their assets. They can sell assets, buy assets, lease assets, all as Trustees. All income is still reported under their social security numbers. Depending on the value of the Trust, or the wishes of the Trustors/Settlors, there is sometimes a segregation of the Trust assets on the death of the first Trustor/Settlor into the "Decedent's Assets" and the "Survivor's Assets".