A Trust is a planning tool that helps avoid probate and distribute your assets. Establishing a trust helps your family avoid thousands of dollars in probate costs, taxes, and time – a minimum of six months dealing with probate courts. A trust is a planning vessel that holds your assets on behalf of your beneficiaries. It is managed by a Trustee, which in most instances is you.

Trusts benefit your dependents and children. For instance, a special needs trust for a dependent can be monumental in ensuring your loved one is well taken care of after your death. Trusts can provide ongoing financial support for a child or other loved one who may never be able to manage the assets themselves. Providing the inheritance to them directly can also disqualify them from receiving some forms of government support, whereas funding a trust does not.

The most commonly used trust is a revocable living trust because it avoids probate and allows you to retain control of the assets during your (the grantor's) lifetime. It is flexible and can be dissolved at any time, should your circumstances change. Although a revocable trust may help avoid probate, it is usually still subject to estate taxes. It also means that during your lifetime, it is treated like any other asset you own.