A legal document (the Trust) put into place by an individual or group of individuals. This individual or group of individuals is referred to as the Grantor. A Living Trust (as opposed to an Irrevocable Trust) can be changed and updated by the grantor throughout their lifetime. A Living Trust allows assets (investments, real estate, business interests) to pass to pre-determined people ("Beneficiaries") upon the Grantor's death. Similar to a Revocable Trust.