Trusts are just one tool you can use when creating your estate plan. They are vehicles to use to transfer assets to heirs.
There are two types of trusts, revocable and irrevocable. In general, trusts provide you with some unique benefits over simply leaving all assets in a will.
Ownership of the assets
One of the nice benefits of a trust is that you can transfer the ownership of the assets to the trust. This provides protection for them against your personal liabilities. The trustee will then take over the management of the assets in the trust. Do note that ownership is different between revocable and irrevocable trusts, so you should make sure you understand how it works with the type of trust you choose.
Avoid probate
Because a trust is a legal vehicle to use to pass on assets, it will not have to go through probate. All the assets in the trust pass on as you have set up upon your death without any interference from anyone other than the trustee, who will follow your wishes about disbursement.
Grab a lot of control
A trust also allows you to have more control over what happens with your assets when you die. You can arrange a trust with conditions that the heir must meet prior to receiving the trust assets. You can put any asset in a trust as well. You can even create special trusts for pets or charitable donations. You have complete control over the creation and how it plays out after your death.
It is worth considering putting your assets into a trust when you create your estate plan. You and your heirs can benefit from this arrangement.