The maker of the trust transfers ownership of certain assets to the trust, and a trustee manages those assets for the beneficiary or that trust. A trust can provide beneficiaries protection from lawsuits, creditors, or divorce. Establishing an irrevocable trust means a future creditor or claimant cannot satisfy a judgment against the assets held in that trust. A trust can provide incentives to achieve certain goals: Education, profession, home ownership, community service… whatever you decide. A well-crafted trust can ensure your estate is preserved for grandchildren and even great grand-children.

Source: Forbes October 27, 2017 12:22 UTC