revocable living trust

Definition from Nolo’s Plain-English Law Dictionary

A trust set up during life that can be revoked at any time before death. Revocable living trusts are a common and excellent way to avoid the cost and hassle of probate, because the property held in the trust during life passes directly to the trust beneficiaries after the trust maker's death, without probate court proceedings. The successor trustee - the person appointed to handle the trust after the trust maker's death --simply transfers ownership to the beneficiaries named in the trust. Certain revocable living trusts can also reduce federal estate tax. Also called "inter vivos trust." Compare: living trust, living will, testamentary trust

Definition provided by Nolo’s Plain-English Law Dictionary.