When does using a Revocable Living Trust make sense?

Many people mistakenly assume that the Revocable Living Trust is only for the very wealthy.  However, in Arizona, a probate action is required whenever someone dies with more than $100,000 of equity in real estate or more than $75,000 in personal property.  Anyone with assets titled in personal name valued higher than these amounts should consider the potential benefits of a Revocable Living Trust versus the costs of establishing one.
 
The best candidates for a Revocable Living Trust are:

• Persons owning real property in more than one state.
• Persons wishing to disinherit a potential beneficiary, or when privacy is important.
• Small business owners, especially if operations would continue after the owner’s death.
• Married persons with children from a prior relationship.