The word "trust" gets used as if it describes a single thing. In fact it describes a whole family of arrangements, each built for a different purpose - and the differences among them matter enormously.
A revocable living trust, for instance, helps an estate avoid probate and stay private, but offers little protection from creditors. Irrevocable trusts trade flexibility for stronger protection and potential tax advantages. There are trusts designed for a special-needs child, for charitable giving, for a family business - and a poorly matched one can quietly defeat the goal you set out to achieve.
The takeaway is not which trust to choose, but that the choice deserves real care. Everyone's circumstances differ, so this is a conversation to have with a qualified estate attorney rather than a form to download. The right structure, set up properly, is one of the most lasting gifts you can leave the people you love.
Originally published in View AZ Highlife Magazine, Aug / Sep 2007.