What is a living trust? Do you need one? A living or revocable trust is a legal agreement between a grantor (the person with the property) and a trustee (the person managing the property). The trust holds property transferred to it from the grantor for the trust's beneficiaries. It is common for spouses to have a "joint living trust" wherein they are both grantors and trustees of the trust. Because the trust is revocable, property can be placed in and removed from the trust b