A Living Trust is a trust that’s established during one’s lifetime. It may be structured in such a way that it is revocable, which means that you can change the terms or end the agreement whenever you wish. Under a typical Living Trust Agreement (which is drafted by an attorney) ownership of assets or property is transferred to the trust and is managed by the Trustee on behalf of one or more beneficiaries. A properly drafted Living Trust can function flexibly during life and minimize delays and expenses at death. Additionally, a married person’s revocable trust can reduce the combined estate of husband and wife in much the same way as trust provisions in a will.