So is a revocable living trust for you? Well, if you own a business, own out-of-state property, are concerned that someone will challenge your estate, or are worried about who will take care of your assets and you if you become incapacitated, a living trust may be especially helpful and beneficial.

If a living trust is right for you, consult an estate planning attorney. Don't try to create a trust yourself using a kit—use an estate planning attorney and do it right!

Dolan Smart Money Move: Your trust is only useful if you title all your assets in the name of the trust. You'll also need a "pour-over" will in addition to your trust so all assets outside the trust when you die will be put in the name of the trust and distributed according to your wishes.

For more information concerning living trusts, we recommend Loving Trust: The Right Way to Provide for Yourself and Guarantee, by Robert A. Esperti & Renno L. Peterson.

Here's one more fact about living trusts: Despite what some fast-talking salesperson may tell you, living trusts are not helpful in avoiding/reducing federal and state estate taxes. For that, you'll have to use the tax strategies we recommend in Give Away Your Home -- the Right Way and Avoid Paying Taxes on a BIG Estate.

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