When should you set up a Living Trust

[Alicia Harrington]

Hey BP Members,

Recently I was discussing my thoughts about real estate investing with a friend of mine and she suggested that I should set up a trust account.  I don't even have a property yet so why would I set up a trust account.  I do have a few thousand saved in a bank account, a very small annuity, and a money market account not that much in it though.  Not a whole lot of money right now, so is it necessary to start a trust?  Just looking to get some feedback.