The Revocable Living Trust has provisions providing for a back-up trustee if you become incapacitated, allowing your business affairs to continue operating even when you are unable to handle them. By having a Revocable Living Trust, your family can avoid having to get a guardianship to manage your assets if you are incapacitated because the assets will be in the trust and the trustee will take care of everything.
The Revocable Living Trust can act as a Will substitute and provide privacy after death. Unlike a Will, a Revocable Living Trust is not made part of court records and is not available to the public. The probate process can be avoided by having a Revocable Living Trust because all of your assets are titled in the name of the trust and not in your name so there is no need to go through probate to transfer your assets to your heirs. The trust specifies what is to happen to your assets at your death and the trustee can transfer those assets more quickly than your executor would be able to transfer the assets through the lengthy probate process.
Contrary to what you might have heard, you do not have to have a Revocable Living Trust. Theses trusts work very well for the people who do need to have one but you should consult with an estate planning attorney to see whether a Revocable Living Trust is right for you.