The revocable living trust often serves as the foundation of an estate plan. But what is it? This video addresses the definition, advantages, and limitations of a revocable living trust. In addition to other advantages, revocable living trusts enable the grantors who establish the trust to keep their estates out of court in the event of incapacity and after their deaths. However, revocable living trusts only control assets that are funded to the trust, and some assets should not be funded to the trust or pass by other means. Therefore the revocable living trust is an essential part of a complete estate plan, but is not sufficient in itself.