A revocable trust, also known as a revocable living trust, is a trust set up druing an individual's life that can be revoked at anytime before that individual's death. Revocable trusts are common and generally considered an excellent way to avide the cost and hassle of probate since the property held in the trust during the individual who is the trustmaker, passes directly to the beneficiaries after the trustmaker's death. In other words, the ownership of the trust simply just transfered to the beneficiaries names on the trust. Certain revocable trusts can also reduce federal estate tax.