A Revocable Living Trust is a legal document that usually substitutes for a will. Once the trust is executed by you, the trustor, your assets are then transferred into the trust and during your lifetime the assets are managed by you, the trustee.
In the case of a joint trust for a married couple, the “you” will generally be the two of you. Upon your deaths, a successor trustee will manage the assets and follow your instructions to distribute your assets to your heirs. Since the Revocable Living Trust is a private legal document, the distribution of assets upon your death by your successor trustee is done without the need for probate administration or court intervention.
During your lifetime, you remain in control of your assets in the trust because you (or yourselves) are trustee, and because the trust is revocable it can be amended by you for any reason.
With a revocable living trust, there is still a need for a will. This special type of will is called a pour-over will. This will covers any assets that had not been transferred to the trust by the time of your death. The beneficiary of the will is the trust, and upon your death, the will distributes according to the terms of the trust any assets not transferred into the trust during your lifetime.