Why do some people have living trusts?
Most living trusts were created to avoid the time and expense of probate. If your estate will not need to go through a full probate, either because all assets are in joint ownership with the right of survivorship or because your estate can be treated as a small estate, you probably do not need a living trust. Living trusts do not necessarily reduce inheritance taxes and they do not always protect your assets from your creditors.
Most living trusts were created to avoid the time and expense of probate. If your estate will not need to go through a full probate, either because all assets are in joint ownership with the right of survivorship or because your estate can be treated as a small estate, you probably do not need a living trust.
