Trusts fall into one of two main categories. The first category is composed of those that are established while the grantor (one who establishes the trust) is alive and are termed inter vivos (while living) trusts.
If you have a medical issue that will certainly lead to death and significant costs, is it wise to legally divorce ahead of your death, so that the person dying owns very little beyond their health care coverage to protect assets from the likes of the medical insurance community?
Here are a few things to avoid on your way to an appointment with a qualified estate planning attorney to discuss your own estate plan, and a couple of others to keep in mind once you get there.
If you find it increasingly difficult in recent years to have your power of attorney recognized by banks and financial institutions, it might help to know some of the history behind both changes in the law and in attitude.
If you have any reservations about who you have in mind when writing your will, whether you're thinking about a young child or even an older person who could be vulnerable to scams, a trust could make a lot of sense.