A revocable living trust is a legal document that allows you to manage your assets during your lifetime and specify how they should be distributed upon your death, without going through probate. Unlike a will, a living trust is not subject to the public probate process, offers more privacy, and can provide for asset management in the event of incapacity. Additionally, a living trust can be altered or revoked at any time during your lifetime, offering flexibility that a will does not typically provide.