Trusts may be set up as part of an estate plan for several reasons:
- A living trust can help with estate tax issues, help avoid probate and address certain family circumstances.
- A living trust is a legal document that is established during lifetime. It distributes assets similar to a Will.
- Avoiding probate can save your family both time and money. However, if your living trust is not set up properly and your assets have not been correctly transferred to it, your good intentions may be in vain.