A TRUST is an arrangement whereby a trustmaker, gives a trustee the right to hold and manage assets for the benefit of the beneficiaries.

For a common revocable living trust, you, the trustmaker, maintain control of your assets and can add and remove property from the trust during your lifetime.

Trusts define and determine the management of the assets, access to the assets, distributions (scheduled or discretionary) to designated beneficiaries, and the ultimate final disposition of the assets.