Trusts are used for many purposes, including dividing ownership of property. Trustees are the legal owner and may control the property. The beneficiary holds the right to enjoy the property.
Trusts have several characteristics that make them preferable to wills:
- Trusts are simpler to update because changing a trust requires fewer formalities than changing a will.
- Trusts can take effect immediately if you are hurt or incapacitated.
- Trusts assets typically do not have to pass through probate, and sometimes taxes can be avoided or postponed.
