Do I Need a Revocable Living Trust?
Unless they have assets over $500,000, Ro's parents do not need to do a revocable living trust.
QUESTION: Ro’s parents are interested in a revocable living trust. Do they need that? Does it make the transfer of assets to heirs happen more quickly?
ANSWER: Unless they have assets over $500,000, they do not need to do a revocable living trust. A well-done revocable living trust will cost about $5,000 and all assets have to be re-titled with an attorney. The transfer of assets will go more quickly and you avoid the local probate tax. You also have more control over the trust because, in most cases, it cannot be contested.
Just remember, to do it right is very expensive and very cumbersome. You cannot buy or sell anything within the trust again without going through the trust or probate.