If you do not have a trust, the court will have to appoint a guardian of your estate if you become disabled. The court will supervise the guardian. Trusts can be either revocable, which means you can terminate the trust at any time, or irrevocable, which means you give up any right of termination. Most people, prefer to retain control and use of their property during their lifetime. Irrevocable trusts can be used when you want to make a gift to someone.
Trusts created under wills are always irrevocable.
The creation of irrevocable trusts may result in estate, inheritance, and income tax savings since you no longer own the property. A trust is a transfer of the legal title of property to a trustee, while the benefits belong to the beneficiaries. There are many kinds of trusts for many different purposes. Property left outright often has a way of ending up in the wrong hands sometimes dissipated by inexperienced beneficiaries, sometimes bypassed to in-laws you never cared about. And property you leave outright to one beneficiary, perhaps a surviving spouse, may be needlessly exposed to death taxes and probate costs when that person dies.