What are the greatest benefits to having a trust?

What are the greatest benefits to having a trust?

In defining the benefits of having a trust, you have to differentiate between a revocable trust and irrevocable trust. A revocable trust, which is created by a person generally for his or her own benefit, which is ideally funded by all of his or her assets, has the benefit of avoiding probate upon death because all of the assets are already in the trust and therefore require no court supervision to ensure that they pass from the decedent to the beneficiaries, and during lifetime, if the person who created the trust becomes mentally or physically incapacitated, can avoid a conservatorship proceeding in the probate court because the successor trustee can simply step in and manage the incapacitated persons affairs. The benefit of an irrevocable trust is that assets are set aside outside of the trusters personal estate for the benefit of a third party. The benefit can be that this third party is receiving some kind of supporter assistance that the truster wants to give. A further benefit may be that a portion of that persons estate is now removed from his or her later taxable estate.