What is a revocable living trust?

A trust is a written document that names someone to be responsible for managing property for the benefit of others.  A revocable living trust (also called a “living trust” or “revocable trust”) is one type of trust.

It’s a “living” trust because you create it while you’re alive.  It’s revocable” because, as long as you’re mentally competent, you can change or end the trust at any time, for any reason.  You need one’s permission to do so unless you have created a joint trust with your spouse.  In Wisconsin, a trust is revocable unless it specifically states it is irrevocable in the trust document. Usually a living revocable trust becomes irrevocable (not open to changes) when you die.