Family trust refers to a legal arrangement whereby individuals can ensure the protection and distribution of their assets to their beneficiaries. Synonyms for family trust include living trust, testamentary trust, revocable trust, and irrevocable trust. While living trust implies the creation of the trust during an individual's lifetime, testamentary trust involves the establishment of the trust through an individual's last will and testament. Revocable trust means that the terms of the trust can be modified or terminated by the grantor while they are alive, whereas an irrevocable trust cannot be altered. Ultimately, each term refers to a legal framework for protecting and distributing assets to ensure a secure financial future for beneficiaries after the grantor's death.