A Revocable Trust is a instrument to hold legal title to most of your assets and directs how these assets are managed. During your lifetime you (and your spouse) are the trustees and beneficiaries of the trust. Should you choose to change the trust, you can freely do so at any time while you (and your spouse) are still living. The trust allows you to decide the final disposition of your assets after your death and nominates who you would like to act as successor trustee to manage the trust estate. Trusts are frequently used in California for estates that exceed $150,000 as a valuable means of avoiding probate.