"The main purpose of a revocable trust is to avoid probate," says attorney Peter Blatt, president of Blatt Financial Group in Palm Beach Gardens, Fla.

Of course, the question always comes up: At what asset level do I need a revocable trust or do I just need a will? Blatt explains that the answer comes down not to asset size but amount and types of assets. "The more assets you have, the more likely you are to need a revocable trust, because there is a cost associated with probating or putting assets through your last will and testament."

Saving administration expenses is only one reason to avoid probate. Attorney Marshall Jones explains that in his part of Florida, there's a growing problem with probate court backlog. "You can avoid delay by holding assets in your living trust. The trustee takes possession of the assets and immediately begins managing them. They don't have to go to the probate court for permission to begin making distributions, etc.

"Typically it costs anywhere from 1 (percent) to 3 percent of the estate in terms of probate costs," he adds. "Compare the upfront costs of having a trust drawn up to probate costs at the time of your death."

To avoid paying probate costs and making other costly mistakes, read Bankrate's story, "8 ways to leave a mess for heirs."