A Revocable Trust is so named because you can revoke (i.e., change or cancel) it at any time. It is also called a Living Trust because it allows you to enjoy the benefits of a trust while you are still living. A Revocable Trust provides flexibility. It allows you to keep control over your assets while you are alive and maximizes the amount of your property that will benefit your family (or other beneficiaries) after your death. Because assets properly transferred to your Living Trust during life will, upon your death, avoid the costs, expenses and delays involved with the probate process, a Living Trust can result in more of your assets being available for your beneficiaries sooner, at a significantly lesser cost. You may change the terms of the trust or even cancel it, as long as the trust agreement allows you to do so.