Sometimes referred to as a living trust, a revocable trust is a flexible tool that you can use to avoid probate and manage your after-death intentions. During your lifetime, managing a revocable trust is pretty straight-forward. The only big change in your lifestyle will be making sure all your assets and liabilities are placed in the trust. This is especially important for checking and savings accounts, real-property like homes or cars, or any investments you might hold. Said another way, your trust becomes the “beneficiary” for all your accounts so that your estate plan can dictate exactly how to divide those assets.
Just as in a will, a revocable trust has a trustee (usually you and/or your spouse). In this role, you will retain control over the trust and its assets, and you'll name a successor to manage your trust in the event of your death.
An important note: while a revocable trust helps you avoid the costs of probate, it will still likely be subject to estate taxes. If you want help figuring out how to minimize estate taxes, you’re better off sitting down with an estate planning attorney (with experience in estate tax issues) to discuss your options.