Frequently, when you create a trust, you will transfer certain of the property to the trust. An example is your house. You’ll sign a grant deed transferring your house from you as an individual to you as trustee of your trust, as the creator of the trust, what’s sometimes called the grantor, you have complete control over the trust to change it, modify it, or dissolve it, or revoke it.
So when you talk about who owns property, there are actually two types of title. There is legal title, and then there is equitable title. Legal title is whose name is on the deed or who has ownership of the property. Equitable title is who receives the benefit of the property.
And so, with a revocable living trust, if you were to transfer your house to the trust, legal title would be owned by the trust, but equitable title would continue to be owned by you as an individual.
And again, remember, with a revocable living trust, you always retain the ability to modify the trust if you change your mind in the future.
