A will is an important part of any estate plan — but it doesn't have to be the focal point. Trusts have become increasingly popular vehicles for preserving wealth and passing it on to the next generation as people increasingly try to avoid the complicated (and expensive) process of probate.
There are a lot of different kinds of trusts out there, each suitable for different goals. If you're just starting to consider the usefulness of a trust as part of your estate plans, it may help to have a passing familiarity with the following kinds.
Revocable trusts
Revocable trusts are pretty much exactly what they sound like: You retain control over them during your lifetime and can end them at any point. Their chief advantage is their flexibility — and the fact that the assets inside them are distributed according to the trust's terms without going through probate.
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