Trusts should definitely be part of your inheritance planning. A trust could be a key component of your inheritance plan because trusts are both versatile and powerful. Trusts can allow you to protect your assets during your lifetime so you can keep your wealth safe to pass on to new owners. Trusts can also make it possible for you to address specific needs that your heirs or beneficiaries may have.
For example, if you have a loved one with a disability that you want to provide a financial gift to, you can use trusts to ensure that the gift you give to your loved one does not cause a loss of access to means-tested benefits like Medicaid and Supplemental Security Income. Trusts can also make it possible for you to leave money to a spendthrift heir without worrying about money being lost or can allow you to leave money and property to a minor without having to worry about how the money will be managed until the minor is old enough to take responsibility.