A revocable living trust is a private legal document your attorney sets up that addresses who you love, where you want your assets to go when you pass away, the terms for distribution to your loved ones, and who oversees making sure your wishes are honored. Because it is revocable, you can change your wishes at any time during your life. Revocable living trusts are private in nature, and are not publicly filed when you pass away. One of the most important steps in setting up a revocable living trust is connecting your assets to the trust, including your home, banking and investment accounts, life insurance policies, and retirement plans. To do this, you simply change the ownership or the beneficiary designations of the asset once your trust is established. Without properly connecting your assets to the trust, your assets could still end up in probate.