A revocable living trust is a written document which creates a separate legal entity. You appoint yourself as trustee of your trust (the manager of the trust). If you are married, your spouse may be a co-trustee. You are the life beneficiary of the trust (the person who enjoys the use of the properties of the trust). Most of your assets will be retitled in the name of your living trust.
As trustee of your own trust, you have 100 percent control over your assets: you can sell assets, buy assets, add assets to the trust, and remove assets from the trust. Since the trust is revocable, you can amend, alter, or revoke your trust at any time.
With a living trust you avoid the costs, time delays, public nature and other difficulties of having your estate go through court supervised probate.