A revocable trust (sometimes called a Living Trust or Inter Vivos Trust) is an arrangement where the grantor’s assets are placed into a trust for the benefit of the grantor during his or her lifetime. Upon the death of the grantor, the assets are held in trust for the benefit of the grantor’s designated beneficiaries. The irrevocable trust can be modified, amended, or terminated by the grantor at any time before the grantor’s death. It can be an important part of Estate Planning due to the fact that it manages and protects assets as the granter ages while remaining private. The trust becomes irrevocable upon the grantor’s death.