A trust is a plan. The plan avoids probate and provides for the orderly transfer of assets to heirs at a minimum cost, time and effort.
In California a trust is often referred to as “revocable trust.” A revocable trust is a trust that the person who creates it, generally called the settlor, can revoke during the person’s lifetime. Revocation restores the person to where he or she was before the trust was created.
A revocable trust can also be amended or restated. Amendment can change just one sentence or many paragraphs. Restatement changes the entire trust document. Only the name of the trust remains the same in a restatement.