The present day Phantom, also known as Mr Kit Walker, the Ghost who walks, Man who cannot die, and Guardian of the Eastern Dark, is the 21st person to have taken the Oath of the Skull. He, like his forefathers, has committed his life to end piracy, injustice and cruelty.
The Phantom also lives a personal life with his wife, Diana and two children, Kit & Heloise. But this does not mean that he has a separate identity like Batman has Bruce Wayne's and Superman has Clark Kent's. It is no secret that Mr Walker is another name of the Phantom. This also doesn't mean that people know what the Phantom looks like under the mask, for even as Kit Walker, his face is never revealed, not even to the readers.
No one except the Phantom's wife can behold the face of the Ghost who walks, for as the Old Jungle Saying goes -- He who sees the Phantom's face, dies a horrible death!