A trust is an arrangement where one person holds and manages property for the benefit of another person. The terms “living trust,” “family trust,” “revocable trust” and “inter vivos trust” essentially mean the same thing and are interchangeable. A revocable trust is one that the creators have the continuing right to change or cancel any time they are competent to do so – much like a Will. A revocable trust usually is made with the creator being the trustee and the beneficiary, meaning that the creator continues to manage and use his or her assets for their own benefit during their lifetime.
The overall benefits of a properly prepared revocable trust are that your family will avoid court involvement at your death, and, if you become incapacitated prior to your death, your family will avoid the need for a conservator to be appointed to manage your assets for you during the period of incapacity.