Revocable and Irrevocable Living Trusts
Beneficiary's Interest in the Trust Property
Beneficiaries do not acquire any immediate legal interest in the property transferred to trust either. However, they have certain equitable interests and these are usually defined by state law. It is a safe rule, however, to understand that while a beneficiary may have a future interest in the trust property, they cannot buy, sell, invest, rent, trade, encumber, or any other similar actions as to the Trust property until they actually receive it free of trust.
In fact, one of the primary reasons to establish a Trust is to make certain that the Beneficiaries do not receive certain property at the time the trust is created.