---
title: "What Is Revocable living trust? Home Care Glossary | HomeCare.com"
description: "A revocable living trust is a legal arrangement in which a person places assets in a trust and keeps the right to change it. A trustee manages the assets..."
url: https://homecare.preview.multisites.ai/glossary/revocable-living-trust/
publisher: HomeCare.com
phone: 800-974-3458
start: https://care.homecare.com/?source=homecare.com
---

Legal and planning

# Revocable living trust

A revocable living trust is a legal arrangement in which a person places assets in a trust and keeps the right to change it. A trustee manages the assets for the benefit of the person and later for named heirs. The person can cancel it while alive.

## Why it matters for your family

The National Institute on Aging lists a living trust among common planning documents. A trust can name a successor trustee to manage money if the person becomes unable. It can also pass assets without a court process, depending on state law. A common mistake is to create the trust and not move assets into it. Another is to assume a revocable trust protects savings from long-term care costs or Medicaid. Usually it does not, because the person keeps control. Ask an elder law attorney how a trust fits your goals and your state's rules. A tax professional can explain tax effects. This is general information, not legal or tax advice.

Source: [nia.nih.gov](https://www.nia.nih.gov/health/advance-care-planning/getting-your-affairs-order-checklist-documents-prepare-future)

[Read more: What is Elder Law and Do You Need an Elder Care Attorney?](https://homecare.preview.multisites.ai/paying-for-care/elder-law-attorney/)

## Related terms

-   [**Last will and testament**A last will and testament is a legal document that says who receives a person's property after death.](https://homecare.preview.multisites.ai/glossary/last-will-and-testament/)
-   [**Special needs trust**A special needs trust, also called a supplemental needs trust, holds money for a person with a disability.](https://homecare.preview.multisites.ai/glossary/special-needs-trust/)
-   [**Beneficiary designation**A beneficiary designation names who receives an asset when the owner dies.](https://homecare.preview.multisites.ai/glossary/beneficiary-designation/)
-   [**Medicaid planning**Medicaid planning is the legal arrangement of income and assets so a person can meet Medicaid rules for long-term care.](https://homecare.preview.multisites.ai/glossary/medicaid-planning/)
-   [**Elder law attorney**An elder law attorney is a lawyer who focuses on legal issues of older adults.](https://homecare.preview.multisites.ai/glossary/elder-law-attorney/)
-   [**Durable power of attorney**A durable power of attorney is a power of attorney that stays in effect if the person who signed it becomes incapacitated.](https://homecare.preview.multisites.ai/glossary/durable-power-of-attorney/)

[All glossary terms](https://homecare.preview.multisites.ai/glossary/)

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