The first step in the estate planning process is to List all assets and determine the ownership and value of your estate Assess your family situation and set estate goals Gather comprehensive and accurate data Estimate transfer costs Which of the following a trust in which the grantor reserves the right to cancel the trust and regain trust property. The grantor can as the initial trustee. Living (inter vivos) trust Irrevocable living trust Revocable trust Testamentary trust