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In this video, Darcel Lobo, a law firm owner, explains the concept of a revocable living trust as an estate planning tool that allows for asset disposition without going through probate, unlike a will. One of its main advantages is the avoidance of probate, making it appealing for clients. However, for a revocable living trust to be effective, it must hold the assets. Lobo emphasizes the importance of funding the trust, meaning that the assets need to be transferred into the trust's ownership. The video will detail the steps for funding a revocable living trust, particularly focusing on real estate owned in the client's name.