Various kinds of trusts can be valuable estate planning tools, although trusts probably are not the cure-all for probate problems they sometimes are advertised to be.

Revocable Trusts

Revocable trusts also are known as “living” trusts. Such trusts take effect during the lifetime of the maker of the trust. They can be modified or completely revoked during the lifetime of the maker of the trust. This flexibility makes them ideal for certain circumstances.

If horse owners use a revocable trust, they can place ownership of the horses and funds for the care of the animals in the trust. They will have to name a trustee, who will have a fiduciary duty to manage the trust assets for the economic benefit of the beneficiaries. A successor trustee also should be named who can take charge of the trust if the first trustee is unable or unwilling to serve