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Massachusetts Attorney Thomas Swain Smith explains the popular estate planning tool: The Revocable Living Trust

A trust is an arrangement where assets are given to a trustee to hold and manage for the benefit of beneficiaries.

What makes it “living” is that it is created during your lifetime, rather than at your death under your will.

What makes it “revocable” is that you’re able to change it or completely revoke it.

A revocable living trust does two things: If you become disabled, the trust will allow the trustee to manage your assets even though you are incapacitated. It will also help your family avoid the burdens and expenses of probate after your death.