Trusts

Trusts are estate-planning tools that can replace or supplement wills. They also help manage property during life. A trust manages the distribution of a person's property by transferring its benefits and obligations to different people. There are many reasons to create a trust, making this property distribution technique a popular choice for many people when creating an estate plan. Reasons for creating a revocable trust during one's lifetime include:  the ability of a successor trustee to step in and handle one's assets in the event of incompetence; avoidance of the delay and expenses associated with the probate of one's estate at death; and tax planning.