revocable living trust is sometimes referred to as a living trust. It is a legal entity created to hold ownership of an individual’s assets. The person who forms the trust is called the grantor or trustmaker, and in most cases, he also serves as the trustee, controlling and managing the assets he placed there. Living trusts are an effective estate-planning tool for avoiding the costs and hassles of probate, preserving privacy and preparing your estate for ease of transition after you die. The grantor retains the ability to revise the trust up until death.