What is a Trust?
A Trust is a legal entity that you establish and control to hold your assets and distribute them after your passing. Assets in a living trust avoid probate because “you” don’t own them, the trustee does. And the trust specifies a successor trustee to carry out your trust when you die or become incapacitated.
The vast majority of adults in California would be wise to create and maintain a revocable trust for the simple purpose of avoiding probate. A trust also allows families with young children ability to have a trustee control life insurance proceeds until the children are mature enough to receive their distribution.
There are a variety of different trust structures and an infinite variety of quality of trust. A trust should be uniquely tailored to a specific individual or families circumstances and objectives.