As a financial advisor and CPA, one of the top questions I receive are “what is a trust” and “do I need a trust?” There are a so many different types of trust (i.e. GRAT, CLAT, ILIT, GST, revocable, irrevocable, charitable, asset protection, the list goes on and on), but in this article we are only going to cover the revocable living trust (aka: inter vivos trust) because that is the most common. The main reason why people create trusts is to avoid probate, but a trust has many other benefits.