Trusts are based on the concept that the property is held by one party for a benefit of another. The trusts avoid a lengthy and costly probate, and assure a privacy. Living trusts are created during the life time of the grantor. Living trusts can be revocable and irrevocable. The revocable trusts can be modified at your wish. However, the irrevocable trusts provide tax benefits but are more rigid.

Testamentary trusts are created in the will, they do not avoid the probate but provide tax benefits.