What benefits does a trust offer?
There are so many different types of trusts. There’s revocable trusts, there’s irrevocable trust. It depends on the purpose for which you want to set up the trust. Revocable trusts are great for estate planning purposes. Essentially, they take the place of the will in that in the revocable trust you can decide who your beneficiaries are, who is in charge of your trust, and you can put your assets in the trust so that they avoid probate upon death. Irrevocable trusts are formed for a number of reasons: for asset protection, for tax planning. Depending on your unique needs, trusts can be very useful.