Is a Trust only for the very rich – Part 2?

I mentioned that the three primary reasons for forming a trust are (1) avoidance of probate,  (2) asset protection from creditors and (3) the ability to control your assets and how they are used for a long time after your death.  We discussed the importance of avoidance of probate in order to pass assets immediately.  However, no. 3 is very important to many people.  In a will, one must give all of his assets immediately.  You cannot designate that an asset will pass, say, 5 years from now.  With a trust, you can do exactly that, or have assets pass to a child in increments at different ages.  Both of these purposes can be accomplished with a revocable trust, i.e. one you can change or revoke at any time.  The second reason, asset protection, requires an irrevocable trust, one you cannot revoke at will.  It is used primarily by those who own high-risk businesses and are afraid of being sued. However, even this type of trust will not help if you already know of a possible lawsuit or claim against you. Trusts can be very affordable yet are very valuable to everyone invloved.