A Living Trust is a revocable trust you can revoke or cancel anytime.  Usually you name yourself the Trustee and maintain control of your property.  The main advantage of this Trust is that the property in the Trust does not have to be probated in Court.

This saves attorney's fees and keeps your estate private.  A will is probated by filing it in court with a Petition to Probate the Will.  A probate case is a public record and anyone can go look at your will and assets at the County Courthouse.
 
If you have a Living Trust, the real property and other assets are distributed at your death by an attorney or CPA without the need of probating the estate.  It is much more private.  Therefore, the Living Trust is a good option in estate planning.