We could write all sorts of books about trusts, in fact, several people have. This is a solid attempt to give you a starting point in understanding how a trust might fit into your Estate Plan. Basic trusts include Revocable Trusts, Irrevocable Trusts, & Testamentary Trusts, just to name a few.
Revocable means the terms can be changed by you or those you grant that power to in your trust. A Revocable Trust becomes irrevocable when the Grantor passes away.
Irrevocable means the terms are typically set once the trust is executed and even you, the Grantor, cannot make changes. A Testamentary Trust means a trust created at your passing, usually through your Will.
Trusts give you the ability to maintain control of your estate, provide for what should happen if you were to become incapacitated, can be designed to give your assets to who you want, when you want, and how you want, and a trust (if properly funded) avoids probate.
Trusts can be designed to protect your assets, provide for your pets, address your special interests like an NFA trust, save you taxes, take care of those you love who have special or medical needs, and assist you with long-term care planning. We can discuss your specific needs when we meet.