A. About half of the states allow homeowners to use a transfer on death (TOD) dead to transfer their real estate to their heir(s). If a TOD deed is in place, you can avoid the costly trust and probate issues.
However, a TOD deed only addresses real estate, nothing else. If you have minors, a trust is a must. If you have other assets, a trust might also be needed. In addition, with a trust, you can attach an incapacity clause, which will allow someone you appoint to step in and act on your behalf if you ever become unable to handle affairs.