A trust is a legal entity and there are many different kinds of trusts. Many who engage in the estate planning process determine that a “revocable trust” is suitable for their situation. This document can be amended and even revoked at any time by the person who creates the trust. In order for the revocable trust to serve as a will substitute, however, the person who creates the trust must transfer ownership of his or her assets into the trust. After that is done, the revocable trust governs the distribution of those assets at the disability or death of the person. For more details on the pros and cons of revocable trusts, please click here.