The estate will still have to be settled, but you won’t be charged for collecting and distributing the property in the trust. Trust property, along with insurance proceeds, jointly titled property, and some other assets are excluded from probate. Preplanning pays off big time.
Even reasonably simple revocable trusts often form the basis for more complex advanced estate planning. The uses are almost endless.
It goes without saying that a proper estate plan will also include wills, powers of appointment, medical directives and other considerations. That’s beyond this discussion.
Part two will provide a few examples of how trusts routinely solve common family problems as property passes to future generations.
As always, don’t try this at home. Any trust should be created by a very competent attorney after much thought about what you wish to accomplish.