Short Answer:

The owner of property, as the Trustor, gives the property to himself, or herself, as the
Trustee, to hold for his or her own benefit.  

The trustors retain all the rights and prerogatives of complete ownership of trust assets.

When  the Trustor (or Trustors) dies, the successor trustee will pass the property to
another Beneficiary.  
Philip McCarthy
Attorney at Law
The owner of property holds the
property as trustee for his or her own
benefit, and leaves instructions for
distribution to loved ones after death.
How Does the Living Revocable Trust Work?
Long Answer:

A Trust is created when a person who wants to transfer some property (The Trustor), gives
legal title of that property to a neutral person (The Trustee), to hold for the benefit of a person
(The Beneficiary) who will ultimately have complete title to the property.  

Although the trustee has legal title to the property, the beneficiary has equitable title to the
property.  This means that the trustee must not act in any way that will injure the beneficiary’s
ultimate right to possess the property.

In creating a trust there must be these three persons:  the Trustor, the Trustee and The
Beneficiary.  One person can play any two of the parts.  However, to have a trust one person
cannot play all the parts.

If a person gave property to himself to hold for himself, there would be no trust.  There would
be mere ownership.

With a Living Revocable Trust the owner of the property, as the Trustor, gives the property to
himself, or herself, as the Trustee, to hold for his or her own benefit.  However, when the
Trustor (or Trustors) dies, the property will pass to another Beneficiary.  This is why a Living
Revocable Trust is really a trust.

The trust is created when the Trustor:
  1)        declares that he has decided to place some property in trust,
  2)        has named the Trustees and the Beneficiaries,
  3)        has given instruction for the operation of the trust, and
  4)        has put some property into the trust.
For a more detailed analysis of
How Your Living Revocable Trust
Will Work
contact me.
For a more detailed analysis of
How Your Living Revocable Trust
Will Work
contact me.