Trusts are some of the most misunderstood legal documents commonly used by people planning their estates or hoping to protect their access to government insurance programs as they age. Many people think of trusts as a way for wealthy parents to leave money behind for their children or provide for cost of living expenses while their children are young and potentially irresponsible.
However, not only the mega-wealthy can benefit from the creation of a trust. The average family can also utilize them to streamline the handling of an estate. A trust can be something you fund early in life and use to protect your assets if you own a business as well.