My parents, both in their 70s, are in the process of setting up a revocable trust; mainly for the sake of sparing my sister and I from going through probate after they pass. We are meeting with the estate planning lawyer in two weeks to discuss the finer details, including the question of who the trustee(s) of the trust will be.
Thinking about the possibilty of me being a trustee, my basic understanding is that managing a revocable trust while my parents are still alive would involve considerably less administrative work than looking after an irrevocable trust. This is one of the things we will be discussing with the lawyer.
But if anyone here has any anecdotal informaiton or advice about what this work looks like, I'd be grateful for it.