What Are Some Advantages Of Using Trusts In Estate Planning?
What are some advantages of using trusts in estate planning? Min Austria Assistant at Ascent Law LLC The biggest advantage of using trusts in estate planning is that trusts can help you avoid probate. Probate is the legal process through which a deceased person's assets are transferred to his or her heirs. It can be time-consuming and expensive, which is why many people use trusts as part of their estate plans. (Probate is discussed in more detail below.) There are many different kinds of trusts, depending on your state's laws and the kind of help you need. The four most common types of trust are living trusts, irrevocable trusts, testamentary trusts, and special needs trusts. Let's take a look at each type of trust in more detail: Living Trusts: Living trusts are also called "inter vivos" trusts because they're made during your lifetime—that is, while you're still alive. If you create one, you transfer ownership of all or part of your assets into the trus...