What are the benefits of a trust?

The are several benefits of a a trust. Here are some of them:

Trust assets normally avoid the probate process and this allows the trustor’s beneficiaries to access the assets faster than if they had to go through the transfer process under a will.

Irrevocable trusts are not considered part of the trustor’s taxable estate creating a potential estate tax savings.

Privacy is another benefit. Probate matters are public record where the trust activities can remain private.

You may save on probate fees and time by using a trust instead of going through the probate process. (Probate is the essentially the process of the courts evaluating your will and distributing the assets under the will’s directions or current law.)

Trusts can also protect your legacy by protecting assets from creditors and beneficiaries that may not have financial or money management skills.
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Using a trust also allows you to retain control of your wealth before and after your passing. You get to specify the terms of the trust including when and to whom distributions may be made. This allows you to deal with complex situations such as children from multiple marriages, stepchildren, current and past spouses, etc. You can use a revocable trust during your lifetime, so you have access to the trust assets if you need them.