A living trust is known more formally as a revocable trust. It is used as a means of avoiding the probate process, managing, and preserving assets and has many advantages over a will for some people. There are a few different types of trusts used in estate planning, but the living trust or revocable living trust is by far the most common. Like all trusts, a revocable trust has a settlor, or grantor, who creates the trust. A living trust also has a trustee or multiple trustees, who administrate the trust. The trustee is in charge of administering the trust according to the terms of the trust document and acts in the best interest of the beneficiaries. Typically, the person who creates the trust is its current beneficiary, but there can be others.