A revocable trust can be a valuable tool for incapacity planning. Say you have created a trust and transferred assets into it. If you become unable to manage your own affairs, a successor trustee whom you have named may step in and seamlessly take over management of the trust assets. This can avoid family disputes and a public guardianship hearing.
Creating and implementing a revocable trust will require a certain amount of paperwork. If you don’t re-title assets to the trust, you won’t reap the benefits.
Moreover, you’ll incur some legal fees when you create a revocable trust, fees that will vary by area and by the complexity of the documents. In some places, an experienced attorney may be able create a straightforward revocable trust for as little as a few hundred dollars while some trusts may run to thousands of dollars in legal fees.
