A trust is beneficial in many of the same ways as a will but is the ultimate probate avoider. While a will must pass through probate, your trust is still “alive” and your successor trustee can transfer your assets pursuant to your instructions. Property is still distributed at death, but it’s done without the need for court intervention which offers more family privacy.

You may feel you don’t have the assets for a trust, but having a trust is less about the money and more about the complex needs of your family. You may have minor children, children from prior marriages, children who have difficulty with money, or a child with special needs. If you own a home or other real property also adds complexity to your estate plan. You want the transfer of your gifts to beneficiaries to be fair, clear, and made without unnecessary cost and delay.

                     · A revocable living trust is one of the most common types of trusts. The person who creates and funds the trust is known as the grantor and usually acts as the trustee during their lifetime. The grantor may undo the trust, change its terms, and move property and assets in and out of the trust’s ownership at any time. A revocable living trust can switch to an irrevocable trust upon death.

                     · An irrevocable trust is commonly used for asset protection planning and is deliberately difficult to change. The trust grantor, you, or someone else, funds the irrevocable trust with property and assets, usually controlled by another individual named as trustee. Control is relinquished in return for unique tax implications and other benefits, including protecting a person’s home and savings from the high costs of long-term care.