A trust can be revocable or irrevocable. A trust can be established during your lifetime (inter vivos) or through a will (testamentary). Trusts are useful documents to accomplish a variety of stewardship goals. Giving through trusts may provide tax savings, especially if the trust is an irrevocable charitable remainder trust.
There are several advantages in establishing a trust:
1. A trust can provide for the management of assets.
2. Assets passing through a trust avoid probate delays.
3. Assets passing through a trust avoid probate expenses.
4. A trust generally facilitates the transfer of assets.
5. A trust is a private document, whereas a will belongs to public domain.
6. A trust cannot be contested.
For further information about trusts, please see give for the future.