A revocable living trust lawyer will be able to advise you as the advantages and disadvantages of placing your assets in a trust, as well as the different types of trusts that are available to you. One of the most common types of trusts is a revocable living trust. This type of trust can be altered or modified in any way you choose, or revoked altogether, at any time during your life. This gives you the freedom to change your mind about the disposition of your assets following your death as you see fit and/or as circumstances change. A major disadvantage, however, of the revocable living trust is the fact that all assets that you place in the trust still are considered to be your individual property for income tax purposes.