A revocable living trust holds title to your assets during your lifetime, and provides for the ease of transfer of those assets after your death. And if you become disabled prior to your death, a successor trustee can step into your shoes to manage the assets in your trust if you are unable to yourself.

A revocable living trust will avoid probate if you transfer all of your assets into it, which can be beneficial if you anticipate a complicated probate or if you would just rather make the administration of your estate less complicated for your family after your gone.

One key thing to remember about revocable living trusts – you can amend and revoke them, and move property in and out of them as long as you have the legal capacity to do so. Therefore, they provide no creditor protection or tax advantages.