If you feel strongly about how your estate will be used after your death, a trust may be just the thing to ensure your wishes are followed. For example, you may want to leave money to your children, but not let them touch the principal. Or you may want to require your heirs to abstain from alcohol in order to receive benefits. A trust can impose such conditions on the recipients of your estate. Of course, a will can include the same kinds of restrictions.
Trusts are a great estate planning tool.
The variety and flexibility of the instruments is legendary. But the biggest drawback to living trusts is usually the cost of preparing them. Typically, a trust may be as much as ten times the cost of a comparable estate plan based on a will and durable powers of attorney. Computer software, non-lawyer preparers and form books may be less expensive, but they typically do not explore the full range of benefits or dangers of trust planning. Otherwise, a trust may simply be more estate plan than you need.