Revocable living trusts are often used to avoid having to open a probate in more than one state. When you own real property in your name (without any provisions for right of survivorship) you are required to seek the assistance of a court to transfer title at death. Many avoid the cost of the multiple probates by setting up a revocable trust to own the real property. The title to the property then passes through operation of the trust rather than the courts.
If you are considering this plan, you should check with your insurance agent before you invest in this kind of a trust. Many companies will not issue standard policies to these trusts and instead require a business policy and sometimes a renter’s insurance policy. There are many other reasons to utilize a revocable trust but it may be that there is no financial benefit when the increased cost of insurance is compared to the cost of probate.