Without a doubt the most commonly known estate planning tool is a will. Most people know what a will does and why they should have one, but are they right for everyone or is another estate planning tool a better for you?
Simply put, a trust is a legal relationship that is formed so one person or entity can hold property for the benefit of someone else. Trusts can be a much better tool for your estate planning needs for a variety of reasons. It might be wise to establish a trust, instead of using a will, if you'd like to avoid probate and are looking for privacy regarding your estate.
Any estate that goes through probate becomes part of the public record. It can also be a time consuming and emotionally draining time for your survivors. Trusts can help your survivors avoid that process and receive the help faster.
For additional reasons that trusts can be a useful tool, read this article.