Trust vs Living Trust vs Revocable Living Trust

Doug: What is really the difference between a Trust, a Living Trust? I think those are the two things that have always boggled my mind [crosstalk].

Attorney Tom Olsen: Okay, when you hear about people using Trusts out there, they are using what's called a Revocable Living Trust. They might say, "I have a Trust," they mean, they have a Revocable Living Trust. The Revocable part means that as long as they're alive, they can make any changes to it that they want to. The living part of it means that while they're alive, that Trust is getting funded and being used. When I say Living Trust I mean versus a Testamentary Trust, which is contained within your will, it's not used or funded until you've passed away. Doug-

Doug: Got you, that makes a lot of sense.

Attorney Tom Olsen: -does that answer your question for you?

Doug: Yes, very, very good. An Irrevocable Trust would be after someone passes, they can't make any changes, is that-- Am I following you [crosstalk]?

Attorney Tom Olsen: Somebody might have a Revocable Living Trust as long as they're alive, they can make any changes to it that they want to. Once they pass away, it becomes Irrevocable, it cannot be changed anymore.