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Another downside of living trusts is that transferring assets can be both time-consuming and complicated. If you hold a variety of assets, you'll need to contact your different banks and agents to have everything you own moved over -- a process that could involve a fair amount of paperwork.

A trust will spare your loved ones from the probate process when you pass away. Putting your house in a trust will save your children or spouse from the hefty fee of probate costs, which can be up to 3% of your asset's value.

Trusts aren't public record, so they're not usually recorded anywhere. Instead, the trust attorney determines who is entitled to receive a copy of the document, even if state law doesn't require it.

When you create a DIY living trust, there are no attorneys involved in the process.It is also possible to choose a company, such as a bank or a trust company, to be your trustee. You'll also need to choose your beneficiary or beneficiaries, the person or people who will receive the assets in your trust.

NAMING THE TRUST DIFFERENTLY Most Californians use their own name when naming their Revocable Trust.But did you know that you can name your Revocable Living Trust anything you want? If you wanted to hide your identity, you could name your trust something other than your real name.

A living trust does not protect your assets from a lawsuit. Living trusts are revocable, meaning you remain in control of the assets and you are the legal owner until your death. Because you legally still own these assets, someone who wins a verdict against you can likely gain access to these assets.

For a revocable living trust to take effect, it should be funded by transferring certain assets into the trust. Often people fund a living trust with real estate, financial accounts, life insurance, annuity certificates, personal property, business interests and other assets.