A person who signs over assets into a trust account is called a grantor. Trust provisions often make it possible for a grantor to be the trustee (the person administering the account) and the beneficiary as well. Living trusts are set up this way so that a person can retain complete control over all assets in a trust. The grantor should name a successor trustee and beneficiary in the trust deed. This way, upon the grantor's death the trust will pass to an heir without being subject to the time consuming, costly probate process.

Living trusts are revocable meaning they can be dissolved or altered by the grantor if necessary. A grantor can also set up an irrevocable trust. In this case, the grantor not only gives up ownership of the property, but all control over the assets in the present and future. The trustee in these cases is usually a third party such as a relative, a financial institution, charity, or other organization. The grantor may still be named as beneficiary of such a trust and receive income from it for life or for a set number of years.