Homeowners with $100,000+ in assets typically need a trust. A revocable trust can be changed anytime and avoids probate, which takes 6-12 months and costs 5% or more of your estate.
What is the difference between a revocable trust and an irrevocable trust? You're about to find out. All trusts are either revocable or irrevocable, and they're not just for the super rich. If you own a home and have over $100,000 in assets, you probably need a trust. A revocable trust is just as the name says. It can be revoked at any time. It can be changed. It can be amended at any time. You can change the trustee, change the beneficiary. It's very flexible. With a revocable trust, you can keep all your options available to you. You can put assets in, you can take assets out. Why do you need a revocable trust? Well, there are a few main reasons. For starters, it allows a very manageable transition of your assets if you die or if you become incapacitated. If something were to happen, your successor trustee would come in and manage those assets according to the instructions you left in the trust. Another big reason to have a revocable trust is that it avoids the probate process. If all you have is a will, your heirs are likely going to have to go through probate, which is 6 months to a year or more, and it's going to cost 5% or more of the value of your estate. With a revocable trust, you completely bypass probate
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