It’s the season of love; Even after Valentine’s Day there’s still plenty of leftover decorations to go around. However, you don’t just spell love “L-O-V-E”; there’s another way to spell it: T-R-U-S-T.

We’re talking about estate planning. While setting up a trust for your kids, grandkids, and relatives might not be as flashy of a gift as a new Ferrari, it actually will have even more value in the long run. There are some common misconceptions about trusts—or, rather, about last wills being better than trusts—so, in this article, we will clarify what a trust is and why it’s beneficial.

What is a trust?

A trust is a three-party relationship. The relationship consists of the trustor, trustee, and beneficiary. The trustor, also known as a donor, conveys property or assets to the trustee. The trustee acts as a receiver. After the property is transferred to the trustee, the trustee acts as a nominal owner of the assets. At the moment the trustor specifies (usually upon said trustor’s death), the trustee conveys the property to the beneficiary, who then becomes the property’s owner.

Lastly, you should know what the term “trust agreement” means. A trust agreement specifies the rules of the trust and manner in which the trust should be followed. There are also federal and state law rules that must be followed in conjunction with the provisions of the trust agreement.

There are many different reasons to get a trust, including reducing your estate tax, protecting your assets after you die, and avoiding probate court. There are many different types of trusts, so consult with your estate planner to find out which one is best for your circumstances.

Why not just get a last will and testament?

A last will and testament goes into effect after you die. It also must go through probate court, and you are often subject to more taxes than you would be with a trust. Probate court is a long, arduous process, and your beneficiaries do not receive their gifts immediately. Though a will is cheaper to set up, it does not pay off as well in the long run.

What are the benefits of a trust?

There are several benefits of a trust. First, you can avoid probate court, as stated above. Second, a trust is effectively immediately and can be changed if something happens. When you set up your trust, it is known as an inter vivos trust. You then decide if it is revocable or irrevocable. Revocable trusts allow you to change your mind. This flexibility is beneficial. Thirdly, you can shield your estate from certain taxes through a trust, and, lastly, you are able to decide the manner in which your assets are distributed, as well as the timing. These four benefits are just some of the many that make a trust a great idea.

Because of the safety and reliability a trust provides, it’s clear that there’s more than just one way to spell “love.”