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Tag: Irrevocable Trusts

What is a Trust?

Living Trust
Living Trust

Many people do not have a good understanding of what a trust is; or how it is different from a will. There are many different types of trusts but the main purpose and benefit of having a trust is to keep a person’s estate out of probate after they have died. The biggest difference between a trust and a will is that upon death the property will not enter probate.

Even with a will in place, property has to go through probate, the court system, to determine all the different legalities of the will and how the properties are being dispersed. During the process of probate a lot of the estate will be consumed by taxes and sometimes by attorneys. By creating a trust, you transfer property, assets, securities, bank accounts and real estate to someone you “trust” while you are still living and it will carry over when you die.