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A Revocable Living Trust, sometimes simply called a Living Trust, is a legal entity created to hold ownership of an individual's assets. The person who forms the Trust is called the Trustor (Trustor or grantor), and in most cases, the Trustor also serves as the Trustee, controlling and managing the assets placed there. A Revocable Living Trust covers three phases of the Trustor’s life: his/her lifetime, possible incapacitation, and what happens after death.