A living trust is like a will, only better. The most common type of trust is known as a living, revocable trust. A revocable trust is a living legal entity with assets, managed by a trustee for the benefit of beneficiaries. When you create your own trust, you will be the trustee, the trustor and the beneficiary of the trust during your lifetime with 100% control over the trust during your lifetime, and you can cancel, revoke or amend your trust anytime. When you're gone, the trustee will pay your outstanding bills, and then distribute whatever assets remain in the trust to your named beneficiaries.