Elimination of probate costs means little in most states. It means eliminating a few hundred dollars of filing fees and maybe, in some cases, a couple thousand dollars in estate inventory fees. It also means leaving assets exposed to creditors of the decedent for years, whereas probate cuts off creditors' claims very quickly.Furthermore, trust administration costs are usually the same as estate administration costs if trust assets are to be distributed to beneficiaries after the death of the grantor of the trust. Often, because something is almost ALWAYS screwed up with a trust document or asset ownership, they're higher.Revocable living trusts are good for one thing really - if you want someone else to manage your assets during your lifetime. Otherwise, I generally advise people to stay away from them unless they already have a living trust and it would be too complicated to undo it.
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