From our “Ask a Question” mailbag: I have been reading about trusts to avoid probate. Can a trust help my estate avoid probate?
Trusts come in all shapes and sizes and can help you meet many different goals. If your goal is to avoid probate, you could use a Revocable Living Trust, or you could use any number of different Irrevocable Trusts. Both categories help your estate avoid probate.
In general, a Revocable Living Trust is a tool used when you want to avoid probate but also want to control and use the assets in the trust during your lifetime. Because you maintain control and use, these assets remain available to pay your creditors and are subject to death taxes at your death. If your goals are to avoid probate, provide asset protection, and avoid death taxes, then you must use an Irrevocable Trust. There are so many different types of Irrevocable Trusts, I would need to know much more about your assets in order to suggest which one is the best fit.
If you have any other questions about Estate Planning, Revocable Living Trusts or Irrevocable Trusts, feel free to contact our office for a free consultation with one of our Montgomery County estate planning lawyers.