A Trust, like a Will, is a document you can use to establish your instructions for how and to whom to distribute your estate after your death. The difference between a Trust and a Will is that a Trust can own property. The terms of the Trust control how the assets the Trust own are distributed and when. The goal of using a Trust for your estate plan is to avoid probate. This enables your family members to access your estate and distribute it to beneficiaries more quickly and without the involvement of the probate court.
The most commonly used Trust in estate planning is a revocable living trust (RLT). An RLT can be revoked, amended, or even restated. When you create a Trust, you are known as the “grantor” or “trustmaker” for your trust. You must select a “trustee” who manages the assets owned by the trust and “beneficiaries” who receive the benefit of the trust assets.