A trust that is created and effective when the trustor is alive is referred to as a living trust. It is also commonly referred to as a revocable trust or a revocable living trust, these are all the same thing and are the most common type of trust. Revocable, means the trustors have the ability to make changes to it. Living means that the trust is in existence now while the trustors are living. The main purpose of a revocable living trust is to pass assets from generation to generation without probate.