Typically the person who settles the trust (the "Grantor") will retain extensive control powers over the assets in the trust, including the right to take back or "revoke" the assets during his or her lifetime.
These forms of Living Trusts are known as "Grantor Trusts" in the US.
A living trust is a property interest created during a person's life that allows easy transfer of assets without going through the process of probate.
A living trust is an agreement where the trustee holds the legal possession of a fund or assets that belong to another person, the beneficiary, and it is created while the person is alive.
US attorneys and accountants frequently advise their clients to settle assets in a trust in order to circumvent probate, since trust assets do not form part of a person's probate estate.