You Can Avoid Probate
With a revocable trust, you can transfer ownership of your assets to the trust during your life. When you die, those assets are not part of your probate estate because technically they are owned by the trust, not you personally. Even so, you can do whatever you want with your trust assets during your life, just as if you owned them personally, because you are both trustee (the person administering the trust) and beneficiary (the person who benefits from the trust assets). Probate is a costly, complex and sometimes difficult court process by which title to your property changes to its new owner.
With a trust, you can avoid probate.
You Have Precise Control over Distribution of Your Estate
With a will alone, you control what happens to your assets upon your death. However, you can't attach any "strings" to the distribution of that property. For example, if your child is 20 years old at the time of your death, and you leave a sizable portion of your estate to that child, you cannot direct the assets be held until he or she becomes older. With a trust, you can specify conditions upon the receipt of trust property, such as age or marital status of the beneficiaries.
With a trust, you have precise control over distribution of your estate.
You Could Save on Taxes
Irrevocable trusts are trusts that cannot be modified or revoked during the lifetime of the settlor (the person who funds the trust - likely you). If the value of your estate is greater than the federal estate tax exemption amount ($5.49 million in 2017), irrevocable trusts are useful to help bring down the value of your taxable estate. They can own life insurance policies (irrevocable life insurance trust, or ILIT), be used for charitable gifts (charitable remainder or lead trust), or leave assets to grandchildren (generation skipping trust). Each of these reduces or eliminates potential federal estate and/or generation skipping transfer taxes.
With a trust, you could save on taxes.
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