While most types of living trusts are revocable, and thus can be changed even after they’ve been drafted, either with a few simple updates to reflect changes in status or by being rewritten wholesale, this is a key appeal with living trusts.

A living trust is not complete without a few key details – assets that fund the trust, the grantor who initiated the trust, the beneficiary who will receive the assets held in the trust, and the trustee who oversees the trust by following the instructions written within it.