A trust is commonly used to avoid probate and achieve more complicated outcomes than a will can accomplish.
When we establish a trust, we intend to give it ownership of our assets so that when we die, the trust lives on and probate is not triggered. To be successful, we must transfer our assets to the trust during our lifetime through a process called funding. Unless a trust is funded, it cannot operate as intended.
“Our assets are owned within the trust, and the trust lives on.”
If we have more than a few million dollars in assets, property in multiple states, or complications in our family situations that we’d like some control over after death, a trust may be a better option than a will.