Trusts
The main difference between a Trust and a Will is the fact that your property won’t go through probate when you die. With a Will the transfer of property takes place at your death and will need to go through the court system, (probate) to determine the legalities of the will and the properties being dispersed. During probate much of the estate is taken by taxes and sometimes attorneys. When you create a Trust you transfer your properties to it while you are still alive and it continues on through your death.
When you create a Trust you transfer all your property, assets, bank accounts, securities, real estate to a person or persons you “Trust”. You no longer own these assets, the “Trust” does. You still have access to all these assets while you are alive. You instruct your Trust to pay out all income to you during your lifetime, and on your death whatever is left would be given to your beneficiaries. You can put instructions in the Trust as to who has access to it. Your property will avoid probate after you die. You will need to appoint a trustee to take care of the Trust and follow it’s directions. The neat part is, you can be your own trustee. You can be the person that is responsible for taking care of all of the assets while you are alive. You can still control your assets and decide what you want to do with them. After your death your Trust would be passed on to a successor trustee that was named in your original Trust.