What is a Revocable Trust and Do I Need One?

Let's face it, estate planning is not necessarily fun, but it is definitely critical, especially as you get older and acquire more assets. There is a preconceived notion, however, that it's an activity only for the wealthy. That's just not true. Everyone should have an estate plan in order to protect their loved ones after they die.

You have a few options to consider when creating an estate plan; for instance, should you create a will or a trust? For many, a revocable trust -- or living trust -- is a great option because of the benefits it provides.

A revocable trust is essentially a will replacement.