The Grantor/Settlor is the person who sets up the trust. It is generally also the person who funds the trust. The Trustee is the person who is responsible for administering the trust, investing the assets and handling any of the administrative duties that need to be performed. Finally, the Beneficiary is the person who benefits from the trust. A Revocable Living Trust is typically set up so that the client assumes all three roles and the respective duties of each role. In other words, generally, with a revocable trust, you are the person who sets up the trust; you are the trustee who administers the trust during your lifetime; and you are the one who receives the income and benefits as a beneficiary of the trust during your lifetime.