Used to avoid or reduce estate taxes
· Allows you to remain in full control of your assets while you are still living
· You may revoke, change or amend the trust at any time as long as you have the capacity to do so
· Ensures confidentiality and privacy
· Avoids probate at your death
· Saves probate expenses, which includes court, appraisal, executor and attorney fees
· Allows a more efficient administration of your estate
· May avoid the need for probate of out of state property
· Allows for the faster distribution of assets as compared to probate
· Allows you to choose the timing and circumstances of distributions
· Used to hold IRAs for tax benefits and for future generations
· Allows for professional management of trust assets
· Used to avoid the need for a guardianship
· A way to restrict access to funds past a beneficiary's 18th birthday
· Used to prevent your children from squandering their inheritance
· Prevents the surviving spouse from altering your estate plan
· Can prevent a beneficiary's creditors and future ex-spouses from reaching trust assets
· Allows you to make sure that stepchildren, son-in-laws or daughter-in-laws do not inadvertently receive your assets after you pass