A revocable living trust serves several purposes. It avoids probate, provides privacy and provides ease of handling your business during any incapacity. Generally, I recommend such a trust when a client has real estate in more than one state. This avoids the necessity of probating in more than one state.
However, if there is a mortgage on the property, you must obtain approval of the mortgage holder to change the Deed into the name of the trust. Though this is permissible by most lenders, the process to go through to get the approval can be daunting. So, before you obtain a revocable living trust, contact your mortgage holder to get the paper work that you will be required to fill out. This way you know the steps ahead of time and the attorney can assist you with the paperwork.
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