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Trusts
A trust is an agreement in which the owner of assets (the grantor) transfers the legal title or ownership to someone else (the trustee) for the purpose of benefiting those designated as the beneficiaries. Trusts may be revocable or irrevocable and may be included in a will to take effect at death.
Revocable trusts, also called living trusts, can be changed or revoked at any time. Irrevocable trusts cannot be changed once they have been set up. Most revocable trusts become irrevocable at the death or disability of the grantor.
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