Far too many people are under the mistaken belief that a Revocable Living Trust and a Will are the same thing, and are virtually interchangeable. If you are thinking about estate planning, it is important that you understand the significant differences between a Revocable Living Trust and a Will.
Most people believe that only the very wealthy need to set up a trust or leave a will. This is not only a mistaken belief, but it can lead to serious issues, including having all your assets left to someone you would not want them left to. Even those with very modest estates—a home a car and a little money in the bank, along with personal possessions—can definitely benefit from estate planning.