Trusts are used for many purposes, including dividing ownership of property. Trustees are the legal owner and may control the property, and the beneficiary holds the right to enjoy the property. Trusts have several characteristics that make them preferable to wills. There are usually less formalities when changing a trust then went 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.
Consider reviewing your estate plan, or initiating one, when you have a major life change. An estate plan typically includes a pour over will, trust, power of attorney, and advanced health care directive.
There are several advantage to having a trust over a will. Trusts can start immediately; for example if you are seriously injured, a trustee can manage your finances until you are able to take over responsibilities again. Generally, assets that pass through a trust are not subject to probate proceedings. Trusts can be changed without the formalities of changing a will.
