A living revocable trust is a common estate planning tool that contains instructions for what you want to happen to your assets when you die.  Unlike a will, however, a living trust avoids probate by transferring your assets from your name to the name of your trust during your lifetime.  It also avoids the need for probates in other states, if you own property outside of Wisconsin. Most living trusts are “revocable” because you can change them as your circumstances or desires change.