Creating a revocable living trust as part of your estate plan is a smart option for many people who are planning to protect their assets and to provide for their families. There are many reasons to create a revocable living trust, although this kind of trust is not necessarily the right option for everyone. You may want to create a revocable living trust so you can specify a backup trustee to manage the trust assets so those assets are protected in case something happens to you, and you become incapacitated.

You may also want to create a revocable living trust to facilitate the transfer of assets outside of the probate process. This will allow heirs or beneficiaries to inherit assets much more quickly, which is essential if your loved ones will be depending upon their inheritance or if your assets need to be carefully managed by their new owner instead of being handled by the executor of an estate for months while a probate process drags on.