There are many different types of trusts. A revocable or “living” trust is one common type of trust. A revocable trust provides instructions for how assets are managed during your lifetime and after your death. The person who creates the trust is the “settlor.” The person in charge of managing your trust is the “trustee.” Typically, the person who creates the revocable trust manages the person's own assets during their lifetime. If the initial trustee is unable to manage assets during their lifetime due to incapacity or death, the person named as successor trustee can step in to manage the trust assets.