I have talked to many people who want to create a trust. When I ask people what a trust is, I generally hear "its something to avoid probate."
A trust is a legally enforceable agreement where one person or entity, the trustee, holds property at the request of another personal or entity, the settlor, for the benefit of a third person, the beneficiary. The word revocable simply means that a settlor (the person creating the trust) has the authority to revoke or amend the trust.
The question of whether you need a revocable trust is different. Let's say you have a house, car and small bank account. You are single and have one child. Do you need to spend the extra money to set up a trust under these facts - no.
Let's say you have a second marriage, real property assets in several states, estate tax issues and privacy concerns. In this situation you are more likely to benefit from the extra costs involved in setting up and funding a revocable trust. For more information contact Florida Bar Board certified expert in wills, trusts and estates attorney Matthew A. Linde, at 239.939.7100 today!