Trusts serve as a powerful estate planning tool. They can help avoid the lengthy and painful probate process, offer considerable tax savings, and much more. Trusts give a person the ability to control the finest details of his or her estate and for this reason, many choose to create a trust. There are types of trusts, each of which provide different benefits and consequences. For example, irrevocable trusts transfer ownership and control of the asset during the lifetime thus making the giving of the asset a life-time gift instead of a gift after death and charitable trusts benefit charities and can sometimes help avoid estate taxes upon death. Speak to a trust and estate planning attorney about the pros and cons of each trust and what would best make sense for you, as each trust carries different tax and control consequences.