A revocable trust simplifies estate planning by avoiding probate and reducing tax complications. You don't need to be wealthy to set one up, just fund it with assets. The speaker set up hers early with her husband as a straightforward alternative to a will.
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The first thing I think is important is to have a will or a trust. The legal paperwork I prefer the revocable trust versus a will. A will is a part of the revocable trust, but that helps simplify so many things, like when it comes to probate and taxes and who's getting what as far as beneficiaries. My husband and I set one up long before I ever even got into this, because it just seemed to be the simpler way to tackle this. And people have a real myth thinking when they think that they have to have tons of assets and be wealthy in order to have a trust. That's not true. I mean, you do have to have certain assets to fund it. But yeah, anybody can have a revocable trust.