What’s the difference between a will and a revocable trust?
A revocable trust (revocable meaning that its terms can be changed during your lifetime) holds title to your property, then distributes it according to the terms of the trust after your death. The probate court does not review these distributions. In states where probate fees are expensive, a living trust can save costs that a will would incur. Also, if you own property in another state, consider a living trust instead of a will to avoid having to deal with two Probate Courts. However, a revocable trust and a will are both subject to the same amounts of estate and inheritance taxes.