How Trusts Work

Trusts used to be just for wealthy families, but not anymore. In the last couple of decades, many thousands of ordinary folks have created trusts, especially simple "living trusts," which function as will substitutes. Their big advantage is that after death, property held in trust can be transferred to inheritors without probate court. That saves family members lots of delay, expense, and hassle.

The most common kind of living trust, the simple revocable living trust, is essentially a substitute for a will—people create it while they’re alive, to leave property at their death. The main reason to use a living trust instead of a will is probate avoidance. Unlike property left through a will, property left through a trust doesn’t need to go through probate before it can be transferred to the people who inherit it. So using a trust saves surviving family members the money, time, and effort that would otherwise be spent on probate.

A living trust has other advantages as well. It’s private (unlike a will, which becomes a matter of public record when it’s filed with the local court after death), and it can take effect during life if the person who made it becomes incapacitated and needs help managing trust property.

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