Arranging a revocable trust is one of the simplest and most affordable ways to protect assets. By transferring ownership of property to a trust the estate bypasses the probate process and assets can be gifted to beneficiaries soon after death.
Most people prefer a revocable trust because the terms can be changed when needed. Trusts need to be modified when life situations change. For instance, modifications would be required if a person sells real estate that was placed in the trust or purchases assets after the trust is established.
Anyone who owns real estate or other forms of titled property they want to pass along to heirs should consider setting up a trust. Married couples often title real estate using joint tenants of survivorship so their partner will automatically inherit it upon death.