By Julie Malekhedayat, Principal

Trusts are a fundamental part of most estate plans — do you have one? Do you need one? If you do have one, do its provisions create even more trusts at your death? And if so, are they still a good idea?

Most everyone with assets will benefit by holding those assets in a revocable trust, commonly known as a living trust. Living trusts allow your heirs to transfer your assets after your death according to your wishes as outlined in the trust document, without the need for probate court oversight and approval. As the name implies, a revocable trust can be changed or completely revoked at any time before your death. It will also maintain your privacy at your death, whereas probate court proceedings are public information.