When most people consider how they will pass on their assets to heirs, they first think of naming beneficiaries in a will. While this is a common way of ensuring a thorough asset distribution, estate holders may also want to consider setting up trusts.
Wills are normally used to name caretakers for children as well as who gets what assets. When a person dies, the assets listed in a will are distributed immediately. On the other hand, trusts give estate holders a great deal more flexibility about how assets are distributed, and they can be doled out over a period of time.
