A Revocable Living Trust is a document that declares who will manage your property, how it will be managed, and to whom the property will pass to upon your death.

There are three roles associated with a Revocable Living Trust and during your lifetime, you will play all three roles.
1. Settlor - individual(s) setting up the trust.
2. Trustee - individual(s) administering the trust.
3. Beneficiary - individual(s) receiving the benefit of the trust.

"Revocable" means that the trust can be changed or amended by you during your lifetime. "Living" means that the trust came into existence during your lifetime, as opposed to after your death.

Basically, the way a Revocable Living Trust works is that you create it and then you transfer title to your property into your Trust and you hold title as Trustee of the Trust. This process is called "funding your trust". Once an asset is in your Trust, the Trustee has the power to manage it. The property is then managed pursuant to the terms of your Trust and during your lifetime, the Trust is used for your benefit because you are the Beneficiary.

Assets in a Revocable Living Trust are not subject to probate. Therefore, if your Trust is properly funded, your estate will not be probated upon your death and your heirs will be saved that time and expense.