What is a revocable trust, sometimes called a “living trust,” and do I need one?

A revocable trust is an estate planning tool that allows you to retitle assets out of your individual name into the name of the trust. Used properly, a revocable trust allows your estate to avoid the probate process and provides seamless administration of your assets after you pass. A revocable trust can also work to allow for avoid the need for a guardianship proceeding for a minor or an incapacitated beneficiary.