Most people believe that having a last will and testament will help them avoid probate, but that misconception can cause a lot of frustration down the road.
While a last will and testament is an important part of an estate plan, there's one main drawback to having all of your property pass under the terms of your will: the property must go through probate before your loved ones have access to it.
This is why a living trust is an indispensable part of your estate plan. A living trust will help you avoid the pains of probate because your assets are funded into the trust during your lifetime.
Please note that this article is a general summary of law and omits many important details, footnotes, and caveats. It is no substitute for legal advice from a lawyer based on your particular circumstances.