What is a revocable living trust and what are its benefits?

A revocable living trust is a legal arrangement you create while alive, into which you transfer ownership of assets like your home and brokerage accounts. You typically serve as your own trustee, so you keep full control and can change or revoke it anytime. Its main benefit: assets held in the trust skip probate at death, passing privately and quickly to your beneficiaries under the terms you set. It also provides a plan if you become incapacitated — your named successor trustee steps in without a court guardianship. A trust can stage distributions (for example, paying a child at 25, 30, and 35) rather than handing over a lump sum. It does not by itself save estate taxes or shield assets from your own creditors while you live. Pair it with a pour-over will so anything left outside still gets captured.