Do You Need a Trust?
Trusts can be valuable instruments in an estate plan. They allow you to protect your assets from creditors, to channel them to designated beneficiaries and allow you control of assets during your lifetime. Trusts, however, are not for everyone and should only be used where you have substantial assets or have particular considerations in mind.
Most people’s estate plan consists solely of a Last Will and Testament. A Last Will and Testament is sufficient for many people who have modest assets while allowing them to pass their property to whomever they wish with a few exceptions regarding disinheriting spouses or children. You can name your own executor or administrator, guardians for your children and how you wish to be buried. Last Will and Testaments do have to go through probate.