A Living Trust is a legal tool for financial planning that allows a person (Trustee) to hold another person’s (Settlor's) property for the benefit of someone else (Beneficiary). A family trust is an entity you establish to own your assets while you are alive in order to avoid probate when you die. Unlike a testamentary trust, a Living Trust goes into effect during the settlor's lifetime.
In most cases, the settlor, trustee, and beneficiary are the same person (at least until that person dies or becomes incompetent). In other words, if you set up a Living Trust, you can be the settlor, the trustee and the beneficiary of the trust.
You keep full control over the property and have the right to use and spend that property as if it had never been put into the trust.