A living trust, also called a revocable living trust, is a trust that is created by a grantor or settlor, during his or her lifetime.  People create living trusts for a number of reasons, including avoiding probate, exerting more control over their assets, and minimizing estate taxes.

Living trusts can be rather simple or complicated, depending on the complexity of the family situation or size of assets of the grantor or settlor.

A living trust or revocable living trust is completely revocable by the grantor or settlor during their lifetime.  This differs from the irrevocable trust, which cannot be changed or ammended once created.