By setting up a revocable living trust, you may avoid probate and often save money
on taxes. Similar to a will, a living trust describes what happens to your property
in the event of your death. While you are alive, you retain control of your property
and have the power to change the trust at any time. For tax purposes, a person who
creates a revocable trust has not given away the ownership of the property in the
trust to anyone else. Upon death, the trust assets are distributed to the remainder
beneficiaries in accordance with the trust terms.