I am currently a student (21 years old) and took a personal finance class that talked about everything from mortgages to estate planning, etc. In the class we talked about revocable trusts and wills - the class made revocable trusts sounds a little better because they avoid probate, etc. Here's my question: even though I am young and haven't accumulated a ton of assets, would it be a good idea to create a revocable trust for when I purchase a home, new car, etc.?
I appreciate the help!
1 Answer from Attorneys
It would probably not make sense for you to do a revocable living trust now if your sole purpose is probate avoidance. You can make all of your assets pass outside of probate with proper beneficiary designations.
Since you have no children at this time, no complex assets that would be difficult to probate and no estate tax issues, there would be no valid reason to do a trust now.