A revocable trust has many advantages for people who not only want to keep their assets safe for heirs, but who also want to have a certain amount of coverage for themselves while they are still alive. The law is precise as to when possessions should be placed into this kind of financial vehicle.
Some people mistakenly think that trusts are only for millionaires. There are many reasons that setting up a trust can help you in terms of protecting what you own, avoiding probate, ensuring the effective distribution of assets after your death and assisting in the management of your affairs if you become incapacitated, mentally impaired or are otherwise unable to do so. With the help of an estate attorney, you can weigh all the pros and cons to see if establishing a trust would be beneficial given your particular circumstances.
Every state has its own definition of undue influence. The key word, however, is not "influence" - it is "undue."
Imagine a family with two children. One of those kids has always marched to the beat of his own proverbial drummer. He has traveled the world, lived abroad for many years, can be out of contact for weeks or months on end and has only returned to his childhood home a handful of times in the past decade. He also has a very good-paying job, isn't married and has no children.