A revocable living trust, sometimes called an intervivos trust, is used during your lifetime to manage and protect assets. Most people name themselves as the trustee in order to retain control over the assets transferred to the trust. You can name a successor trustee to manage the assets if you become incapacitated or upon your death. Unlike a will, you can direct your trustee to continue to manage your assets after your death for the benefit of the beneficiaries instead of distributing the assets to your heirs. A revocable trust allows you to revoke or amend the trust agreement at any time during your life. A revocable living trust can be used to avoid probate.