People sometimes create an irrevocable living trust (most often for Medicaid planning),which also avoids probate,but requires the person creating it to give up the right to revoke it.
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A basic living trust may cost under $1,500,while a trust with numerous assets or a complex,multigenerational trust may cost far more Many individuals are acting as caretakers to aging relative The Law Firm of Steven F.Bliss Esq.Without an estate plan,the courts will often decide who gets your assets,a process that can take years and can get ugly.
You manage the property the same as if it was still in your name (sell or mortgage it,for example),and may acquire more property and add it to the trust.
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