A Revocable Living Trust, also called a Living Trust, is a legal document that is created by an individual, called a Trustmaker, to hold and own the Trustmaker's assets, which are in turn invested and spent for the benefit of the Trustmaker as the Beneficiary by a Trustee.  In most cases, the Trustmaker will also be the Trustee, alothough some individuals may choose to have an organization manage their trust property.  A Revocable Living Trust covers three phases of the Trustmaker's life: while the Trustmaker is alive and well, if the Trustmaker becomes mentally incapacitated, and after the Trustmaker dies.