A revocable trust, or living trust, is a legal arrangement that allows an individual (the grantor) to place assets into a trust while retaining the ability to modify or revoke it during their lifetime. It's commonly used in estate planning to simplify asset management and distribution after death, potentially avoiding costly probate. Key features include the grantor's control over the trust, privacy (as it doesn’t become public like a will), asset management during incapacitation, bypassing probate upon death, and flexibility to adapt to changes. However, it does not protect assets from creditors or reduce estate taxes. Consulting an estate planning attorney is recommended to ensure it meets financial and legacy goals.

When planning for the future, two important legal documents are a Living Will and a Revocable Trust.

**Living Will**: Outlines your medical treatment preferences when you cannot communicate, specifying interventions and allowing for a Health Care Proxy. It ensures your healthcare wishes are respected.
**Revocable Trust**: Manages assets during your lifetime and dictates their distribution after death, avoiding probate. It allows for changes and maintains privacy, with a successor trustee managing assets if you become incapacitated

In summary, a Living Will addresses healthcare decisions, while a Revocable Trust focuses on asset management. Consulting an estate planning attorney is advisable for tailored guidance.

A trust often avoids probate, allowing for quicker and less costly asset distribution to beneficiaries after death.

However, the effectiveness of this advantage depends on the type of trust, asset titles, and state laws.

Assets not properly transferred into the trust or those outside it may still require probate. Legal disputes regarding the trust can also lead to court involvement. Therefore, consulting a legal expert is advisable to ensure proper setup and understand specific circumstances.