If you have children, trusts are an especially instrument to consider, and they’re not just for the rich. Depending on the age of your children, they may or may not be able to make decisions in their own best interest. The advantage of a trust is that the beneficiary may not use the property in any way directly. A trust can prevent using up the assets too soon, or unnecessarily.
The trustee may also, depending on your instructions, further invest or grow the trust funds while still providing a steady payout for the care of your children. This can continue to grow your assets in your absence.
Having a trust doesn’t mean your children can never have the ownership of your property. A trust can be limited till your children reach a certain age. You can then leave instructions to pass the property to them. Trusts are commonly kept until the beneficiary is 18, 21 or 25.