A trust exists when one person (often called the grantor or settlor) gives property to another person (called the trustee) to hold and manage for one or more other persons (called the beneficiaries). Under the Ohio Trust Code, a revocable trust (sometimes also known as a “living trust”) is a trust that the grantor can amend (change) or revoke (cancel) during his or her lifetime. Through the terms of the revocable trust, the grantor keeps all the benefits of any property placed into it for the rest of his or her life.
Revocable trusts are used in order to manage your money while you are alive and to avoid probate when you die. Before adopting a revocable trust, you should consult with an attorney.
Testamentary trusts are created as part of your will. This guide does not cover this kind of trust. Please see my Ohio Probate & Wills guide for books on trusts as part of wills.