The most common "living" trust. You are typically both the grantor and the initial trustee, so you keep full control while alive. At death (or incapacity), your named successor trustee steps in and distributes assets per your instructions — privately, without probate.
Glossary · trusts
Revocable Living Trust
Acronym: RLT
In plain English
A trust you create and fund during your life, that you can change or revoke at any time, and whose assets pass to your named beneficiaries without probate.