A revocable living trust is a trust to which the grantor can make amendments during the course of their life.
In the context of insurance, revocable living trusts are used as an estate planning tool, often in combination with life insurance, to financially provide for the beneficiaries after the grantor dies.
The benefit of setting up a revocable living trust is that it allows beneficiaries to avoid dealing with the probate process after the grantor dies. This can help optimize the value of assets that can be passed on.
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