Trusts are a very flexible and useful arrangement. There are many different reasons trusts are established. Trusts can be used to control how and when assets transfer. One of the most common situations we think about with trusts is that they are created to give a mature and experienced trustee the ability and responsibility to manage assets for the benefits of a young or a person with a disability who may not have sufficient financial acumen to manage assets prudently on their behalf. Trusts are also frequently used to achieve tax benefits. The creation of a trust might be much more comprehensive and satisfactory than establishing a joint tenancy or transfer on death arrangement, for example. Trusts may also be used to avoid the expensive and time-consuming court process known as probate.
