The main reason to create a revocable living trust is to pass your assets easily to your loved ones including your spouse and your beneficiaries. A properly drafted and properly funded living trust will help you avoid probate.
The average probate cost is about 8% of your estate. So if your home is worth $1,000,000 at the time of your death, your loved ones will pay about $80,000 in court costs.
There are no real tax benefits for you while you are alive by creating a revocable living trust.
Joint Tenancy may not be a very good alternative as the second Joint Tenant who dies will not be allowed to pass on the stepped up basis for Inheritance Tax.
A Living trust does not need to be drafted by a lawyer.
You do not have to pay thousands of dollars for a living trust.
Together with law professors and other pros, I have collaborated with not to give legal advice but prepare a proper revocable living trust, pour over will durable power of attorney for health care and finances and make sure your trust is properly funded, all for less.
Contact Connie Dello Buono 408-854-1883 firstname.lastname@example.org Marketing Service for Law Professors for Revocable Living Trusts in 50 US states.