For most people, a will is the first choice for passing on an estate to heirs. But it’s not the only choice. Among other estate planning tools, the revocable living trust is gaining in popularity, especially among boomers.

In addition to being one of several ways to avoid probate—the legal process to determine whether a will is valid—living trusts may offer before-death and after-death advantages.

Whether a living revocable trust is right for you depends on your circumstances. Consultation with a qualified attorney and a personal financial adviser should always be part of your estate planning, but here are 10 things you should know about living trusts:

What is a revocable living trust?

A revocable living trust is a written agreement designating someone to be responsible for managing your property, It’s called a living trust because it’s established while you’re alive. It’s “revocable” because, as long as you’re mentally competent, you can change or dissolve the trust at any time at your own discretion for any reason. Typically, a living trust becomes irrevocable (cannot be changed) when you die.

A trust involves three parties: you as the creator, the trustee or trustees who agree to manage your assets as directed by the terms of the trust, and the beneficiaries.

You will probably want to name yourself and your spouse as trustees, because you want full control of the property while you’re alive. As trustee, you will have the power to wheel and deal with your assets—sell them, exchange them, invest them, do whatever you want with them.

What is the difference between a living trust and a will?

Both a will and a living trust contain your inheritance instructions, meaning who gets what, when they get it, and how.

“A trust is often preferred for people concerned with privacy and avoiding probate,” says attorney Thomas J. Bogar of Cheltenham, Pa. A living trust will not become part of the public record unless a trustee or a beneficiary demands court approval of accounts. Probate records are always open to the public.

While trusts serve a purpose in some circumstances, for most people with relatively modest estates, wills are quite adequate. They are generally less complicated and less expensive than a trust.

What if I don’t have either one?

If you don’t leave valid instructions about your estate, your property generally goes to your spouse or your closest heirs, which may not be what you want to do. Also, the state could assign someone you wouldn’t trust to manage the distribution of your property or be the legal guardian of your minor children.

What can a revocable living trust do for you, and what can’t it do?

A living trust can provide you with the peace of mind that comes from knowing that your assets and your heirs will be protected in the event that you unexpectedly become unable to handle your own financial affairs. It eliminates the need for your estate to pass through probate court before it can be passed on to your heirs. Properly worded, a trust can also be used as a substitute for powers of attorney

Your trust can be written in a way that will pass your assets on to your beneficiaries immediately upon your death, or you can designate that they be portioned out over time and in amounts that you specify. Your attorney can help by including tax savings clauses that may help to reduce state and federal estate taxes.

Among the things that a trust cannot do is protect against a disgruntled heir. “A living trust can resolve some of the most common family conflicts that may arise in the inheritance arena,” says Santa Monica, Calif., attorney Jeff Condon. “However, if you cut someone out of your living trust as a beneficiary, he or she can challenge the trust just as a will can be challenged.”

Who are the trustees?

Any mentally competent adult may be named trustee. “Normally, you will name yourself and your spouse as trustees,” says Condon. “That’s because you want full control of the property while you’re alive.” If you become too ill or disabled to manage your property, your co-trustee or successor trustee will do this for you.

Normally, you would name your children as successor trustees, says Condon. “However, if you’re not confident that your children would distribute the assets according to your instructions, you should name a professional fiduciary as your successor trustee. This could be the trust department of a bank, a professional trust company or a private fiduciary.”

Do I have to put a lot of money in a living trust at the start?

“Except for a token dollar amount, it isn’t necessary to fund a living trust when it is created,” says Bogar. “You can fund your trust with as little as a dollar or as much as every asset you own. You can even specify in your will that your trust is to be funded only upon your death. There are advantages to each choice, depending on your needs and concerns.”

Will a living trust require a lot of additional work and cost if I add or delete property or investments?

“No,” says Condon. “You do not have to see your lawyer when your assets change.”

Do I need an attorney to prepare a living trust?

“Yes,” says Bogar. “I can tell you horror stories of poorly drafted trusts. You don’t want to be your own doctor. It follows that you don’t want to be your own lawyer.”

Be cautious about using generic or online living trust kits that claim to be customized documents prepared by an attorney.

How much does it cost to set up a living trust?

The price could be all over the map depending on the attorney used, the complexity and size of the assets and the geographic area. The fee could be as little as a few hundred dollars, but more typically runs several thousand or more.

So is a revocable living trust right for me?

It’s not right for everyone, experts agree. You should weigh the advantages and disadvantages. For simple estates with few assets and investments, it may not be worthwhile, since setting up a trust usually involves more expense than a will. Consultation with a qualified financial adviser should help you decide.

A Wisconsin businessman has pled guilty to estate theft, admitting he stole nearly $160,000 from the wife and children of a deceased friend.

Zygmund “Zyg” Jablonski gave his testimony in Ashland County Circuit Court Thursday on November 13, saying he had diverted hundreds of thousands in funds from the estate of the late James Joseph Sanders. Jablonski, who was appointed as a trustee to the estate, had diverted the money in an attempt to save his floundering plumbing business.

Jablonski stated that he had written a total of 16 checks between February 2008 and August 2012 that were drawn on funds of the estate. His company, A to Z Plumbing, received $85,800 and checks totaling $73,500 were cashed by Jablonski himself. Jablonski pled guilty to a single criminal charge of theft by trustee in the amount of $131,450, as he had repaid $27,850 to the estate before the charges were filed.

Jablonski had acted as personal representative to the estate for six years before the case began. Sanders’ niece, Susan Munich, had repeatedly asked Jablonski for an accounting of the estate, which he was unable to give. After being put off several times, she began to examine the state statutes in order to see what had been happening to her uncle’s accounts.

In a victim impact statement, Munich said of Jablonski, “He has done damage to our whole family that is horrible. I have known Mr. Jablonski since he was around 11 or 12 years old. I would never have thought this of him.”

After Jablonski entered his plea, the court was given receipts of repayments that Jablonski had made to the Sandor estate. These payments totaled $131,848.70 and were said to represent the full amount taken from the estate, plus the interest that would have accrued if the funds had remained in the account. Jablonski also said he regretted the decision to take the money, and had always planned on paying the estate back.

Attorneys in the case said that punishment could have been much harsher, as Jablonski could have faced 16 different counts of theft instead of the single criminal count. In addition, no penalties were filed for crimes against the elderly, as three of the individuals entitled to the proceeds of the estate died during the period when Jablonski was re-appropriating the funds.

To learn more about choosing the trustee of your will wisely, contact Florida elder law attorney Ric Blackwell today.

As investment options grow, many retirees are choosing to keep their money at home—or at least, in their dream homes. One of the most popular real estate investment trends among affluent Florida residents is buying or building “legacy” properties: large-scale houses that are meant to be passed down to their children and grandchildren.

One couple, Bob and Carol Rogers of Longboat Key, Florida, recently built a 6,800-square-foot mountain home in North Carolina. It’s a retirement haven where they can host their growing family, and eventually, pass it on to their kids.

Mr. Rogers, 58, sold his commercial-contracting firm in order to purchase the home in 2008. The original cost of the 12-acre lot and house was $5 million, with an additional $1.2 million invested in improvements to the landscape.

“Twenty, thirty years from now, our kids can cherish it with all their kids,” he said.

Location plays a large role in determining the value of the home, as resort-style estates in areas with thriving tourist trades are more likely to increase in value. Estates such as these are increasingly popular with families who enjoy taking vacations together, but live in various states throughout the year. The home may be used as a holiday gathering place for widespread relatives, or used as a rental property when not in use by the owners, generating some of the income lost at the initial investment.

Legacy homes are typically designed to include multiple amenities that will appeal to a wide range of age groups. Architects have designed whole communities with legacy estates in mind, making the properties more like a resort than a family home. Houses may have several master bedrooms, or separate cottages or apartments adjacent to the main property.

Interiors may come equipped with lavish home theaters, expensive sound systems, or a projection television for families to enjoy movies and video games. Properties that are too far from the ocean may add the benefit of a swimming pool big enough for laps, a nearby hot tub, or a smaller splash pool for children. Large grassy areas may be modified into basketball or volleyball courts or shooting ranges, while farm or ranch estates are adapted to host horses, goats, cows, and other animals.

Seaside properties offer many opportunities for seniors to make a home their own. Owners may install boat houses, private docks, or even invest in their own private beaches.

Of course, once these properties have been established, owners must make steps to protect them. The Rogers’ home, for example, has been placed in a family trust that names the couple’s three children (as well as their spouses and children) as beneficiaries.

To find out more about protecting your assets in retirement and beyond, contact Florida estate planning attorney Ric Blackwell today.