"The purpose of probate is to assign a new owner to the property when the current owner passes away, and there is no legal document assigning a new owner at that time." Elder law attorneys in the villages.
Trusts are popular when the assignment of new owner(s) is not straight forward, or there are conditional issues for the new owners.
Trusts can be used for blended families,
for dysfunctional families,
for generation skipping
for generation skipping designated usage until a certain age.
For specific items, such as with multiple houses, etc.
Trusts can also be used to shield assets from debtors, and limit the ability of family members to have access, and to provide a chain of custody of the assets, should your currently assigned TOD/POD not be living at the time.
Offspring 1 has three children
Offspring 2 has no children
Offspring 1 dies prior to you, does all assets go to offspring 2 as the only living relative?
Or do you want it to go 50%/50% because there are grandchildren who need to be taken care of?
TLDR:
What do you want to happen to your assets if there are unforeseen changes to the present status quo, just prior to your death?
That's why trusts and wills are created.
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