What are the benefits of a trust?

There are many reasons clients opt to protect their assets through the use of trusts. Properties held in a trust can be protected from the claims of creditors (a spendthrift trust), bypass the process of probate, allow for tax avoidance (such as AB or credit shelter trusts), and minimize loss resulting from a divorce contest.  Additionally, trusts can also be customized to manage a client’s assets should they become ill or incapacitated. Trusts can be revocable or irrevocable, limited duration or perpetual, and testamentary (created at death) or inter vivos (created during life).