Trusts
While not for everyone, a trust is the preferred estate planning vehicle for the vast majority of estates.
1. When properly formed and organized, a trust is the most convenient, simple and powerful way to distribute an estate. The most common trust is known by different terms, such as a "revocable trust", a "living trust", or a "family trust." These terms are largely interchangeable - they usually all refer to the same thing.
Trusts are especially useful in the following estate planning situations:
When you wish to avoid the time, expense and publicity of probate;
If you have an estate that is or is likely to become subject to estate taxation;
If you prefer to structure distribution to heirs over time, or for a lifetime;
if you are concerned about what might happen to your estate if you die and your spouse remarries;
If you wish to give detailed and enforceable directions for the care of your minor children and their assets;
For these and many other reasons, a trust is by far the most convenient way to pass an estate from a deceased person to heirs. Just ask someone who has ever administered one on behalf of parents or family.
