A properly drafted revocable trust, sometimes called a living trust, is a powerful estate planning tool that allows you to remain in control of your assets during your lifetime, have your assets managed for your benefit during incapacity, and, upon your death, will allow for the efficient, private transfer of your assets to your beneficiaries according to your wishes. In addition to these basic functions, a revocable trust can also provide for estate tax savings, creditor protection for future beneficiaries after your death, and allow for management of assets for minor or disabled beneficiaries. All of this can be done outside of the probate system.