A Revocable Living trust is a living legal entity, which is capable of holding assets. Historically, the purpose of the trust is to protect and administer assets for certain purposes during the lifetime of the creator of the trust and for after the death of the creator.
There are several elements to a trust. A trust has a trustor, a trustee, a beneficiary, and a corpus (assets). The creators of the trust must have a legal purpose for creating the trust, and must be full capable to create the trust on their own free will.
A Living Trust is created when the testator is alive and will exist even when the testator (creator) passes away. Once the death of the testator has occurred, the subsequent trustee(s) will hold the title of the trust and administer the trust assets for the benefits of the beneficiary (ies) according to the desires of the original testator. Sometime assets are delivered immediately to beneficiaries, or assets are distributed from the trust after the beneficiary reaches a specific age.