Creating a revocable living trust can keep your heirs out of probate and keep your financial data private.

Generally, you are both the trustee and the beneficiary of a revocable living trust, so you control the assets and can change the terms of the trust whenever you want. You name a successor trustee to manage and distribute your assets when you die or in the event you become incapacitated.

However, a living trust does not replace a will. Instead, you might use a pour over will in addition to the trust, even if the trust holds most of your assets.

Despite the advantages, there are two things that creating a revocable living trust won't do: It won't save income or estate taxes and it won't protect your assets from creditors.

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