at the most basic level, a revocable living trust, also known simply as a revocable trust, is a written document that determines how your assets will be handled after you die. what sets a revocable living trust apart is that you can change or cancel the provisions at any time. typically, the trust-maker of a revocable living trust is also the trustee. one major advantage of a revocable living trust is that it is revocable. the assets in a revocable trust are still yours and you will pay taxes accordingly.