Providing for your family's financial needs is a key goal that most people have, but many of those who consider estate planning don't know that trusts can help them achieve their goals. Trusts are extremely flexible solutions to a host of potential problems, and they aren't just for the wealthy. In particular, the following types of trusts offer a broad range of applications that can be useful for estate planning:
Below, you'll find some basic information on each of these trusts and how you can use them.
A trust that you can change after its creation is a revocable trust. Also known as a living trust because it's made during the creator's lifetime, a revocable trust lets you set aside property and have it managed according to the terms of the agreement.
Source: Fool.com