When doing serious estate planning, trusts are almost always used in one way or another. Trusts can accomplish everything a will can plus much more. Because a Living Trust is not administered by a probate court, and because it is so flexible, it is the most common type of trust used in estate planning.

Some of the uses of trusts are:

• Transfer Wealth to Heirs
• Estate Tax Reduction
• Probate Avoidance
• Guardianship Avoidance
• Asset and Income Management
• Asset Protection/Limited Liability
• Privacy

Some of the most common types of trusts are:

• Living Trust (Revocable Trust)
• Special Needs Trust (for disabled beneficiary)
• Irrevocable Life Insurance Trust
• Asset Protection Trust (commonly offshore)
• Irrevocable Estate Planning Trust (avoid nursing costs)
• Charitable Giving Trust
• Annuity Trust

Without a doubt, the most common estate planning trust is the Living Trust. Please read more about this trust on our Living Trust page.