A revocable trust or "living trust" is set up to take assets out of your name and put in trust, mainly to avoid probate.
By doing this, you legally relinquish ownership of the assets listed in the trust, but the trust can be revoked by you at any time prior to death and your assets put back in your name.
You can name yourself as the trustee along with someone else, such as your spouse or a child, as co-trustee.