There are many types of trusts that effectively remove assets from an estate as far as probate is concerned. One person can set up several different trusts to leave portions of his/her estate to various family members or charitable organizations. This makes it possible to give property and money to inheritors without paying the costs of probate administration. Since assets in a trust go directly to the beneficiary instead of going through probate, they can be distributed in a matter of weeks. This means a trust can provide much needed financial relief to a beneficiary who may be relying on these funds for income. In contrast, settling an estate through probate can take months or even years.

A living or revocable trust may still be considered part of the estate when calculating taxes, but there are exceptions. An attorney who specializes in planning for trusts and estates can review a person's assets and advise the best course of action for minimizing taxes. Often, some combination of revocable and irrevocable trusts can provide asset protection and reduce the tax consequences large estates. Smaller estates can benefit from the flexibility of trust planning as well.