A Loving Trust is a legal agreement whereby you grant someone, whether an individual or entity, the ability to manage or oversee your assets during your lifetime. You are called the Trustor/Grantor/Settlor and the person that is tasked with overseeing your property is called the Trustee. Anybody that you name to get your assets is called a beneficiary.
A Loving Trust also contains rules regarding who can take care of you personally, which would include health decisions, as well as your financial decisions. A loving trust isn’t one-of-a-kind when it pertains to estate planning; it is actually just another name for a revocable trust.