REVOCABLE LIVING TRUSTS
By far the most popular and common Estate Planning tool is the Revocable Living Trust (RLT). A RLT is a legal document that allows you to determine who will inherit your assets after you pass and who will be in charge of administering your estate.
The person who creates the RLT is called the Grantor (sometimes called the Trustor). The Grantor is the only person who has the ability to modify the Trust.
In most cases, the Grantor also serves as the Trustee, the person who controls and manages the Trust assets. However if the Grantor passes away or becomes incapacitated, then a person who has been pre-selected as the Successor Trustee steps in. The Successor Trustee simply follows the instructions and guidelines set forth in the Trust - but can never change its terms.