A trust is an arrangement involving three parties. You, the "Trustor", transfer property to a "trustee" who will hold or manage the property for your "beneficary".
You can setup a revocable trust in which you remain in control of the funds and can even be the trustee. You hold title to your property in your name, as trustee. You can amend or revoke this kind of trust whenever you wish. Revocable Trusts are also called Living Trusts or Inter Vivos Trusts.
The purpose of a revocable trust plan is created primarily to accomplish the following:
- To provide maximum protection for the surviving spouse
- To pass along assets to your heirs
- To avoid probate and its related expenses
- To avoid a conservatorship proceeding in the event you should lose your capacity to act
Simply having a will does not avoid Probate. You can avoid the expense of probate with a revocable living trust.Remember, proper planning saves money.