Assets owned in a revocable living trust go directly to named trust beneficiaries when you die, eliminating the process of probate from their assets.
That can make a living trust a valuable estate planning tool if, for example, you plan to disinherit one of your children or leave unequal amounts to your heirs. If your estate goes through probate, heirs can go to court to contest the terms of your will. If you own a vacation home or other property in another state, a living trust can be used to own this property and let you avoid having to go through probate in two states. You normally name yourself trustee and retain the authority to manage property in the trust. You must also name a successor trustee to handle the distribution of assets after you die.