If you are reading this article, it is safe to assume that you are trying to avoid probate, or the official validation of a will. For individuals attempting to avoid the frustrating process of probate, a revocable living trust can be a viable option.
Revocable living trusts are particularly useful in a handful of states including California and Ohio as these states have more complex probate processes. The states with the more complex probate procedures tend to be more averse to the probate process as it can be lengthy and costly for all parties involved. People who own multiple properties in more than one state are also ideal candidates for this type of trust as it can keep probate court dealings limited to one rather than multiple courts.
As with everything, there is always a flipside. Revocable living trusts often require more work upfront and costs often exceed that of a traditional will. You also have to go through the process of selecting a durable power of attorney, appointing guardianship for benefactors like children and animals, and creating an advance health-care directive. These documents are still required even if you do have a revocable living trust.