Livingstone spent a single season as Lancashire's all-format club captain as a 24-year-old in 2018 but stepped down after struggling for form as the club were relegated from Division One of the County Championship.
"I think I was a very different person and player back then," Livingstone told LancsTV. "I think my experience around the world over the last couple of years will obviously make things a little bit different for me, and we've got a lot of players to bounce ideas off so it certainly won't just be me making all the decisions.
"We've got a really good squad. I don't think it's too difficult a job: we've got a lot of experience, we've got more experience coming back in - hopefully Jos in the next couple of games. I don't think it's a difficult task. We've got a lot of people to bounce ideas off and hopefully the team should pretty much captain itself anyway - it's just a few decisions here and there."
Buttler, Livingstone and Phil Salt all returned from the IPL this weekend but Buttler will take a short break before returning to the Lancashire set-up on June 1, when they play Yorkshire at Headingley. He is due to play 10 group games for Lancashire this season - more than he has managed across the last five years combined - as well as any knockout fixtures, having dropped out of England's Test set-up and with no clash between the Blast and England's white-ball fixtures this season.
"I'm really looking forward to pulling on the Red Rose once again and representing Lancashire Lightning in this summer's Vitality Blast," Buttler said in a press release.
"To have the opportunity to play so many matches in this year's Blast is really exciting for me and it's a chance to really help the team after coming so close in last year's final."
Lancashire's next Blast fixture is against Leicestershire on Thursday afternoon.