What’s a Revocable Living Trust?

追加: 2026-05-27

[00:00:00]What's a revocable living trust and why is everybody talking about it? A revocable living trust is really just a contract that you make with yourself.

[00:00:07]So, this trust, this contract that we make with ourselves has really three parties. Party number one is the settlor. This is you. This is the person who creates the trust. Party number two is the trustee. He's the one who manages the trust, basically making all the day-to-day decisions. The third party to the trust, this is the beneficiary. This is the person that you want to benefit from the trust. So, you're the creator, you're in charge of it, and you're the beneficiary during your lifetime.