What if you want to leave an inheritance, but worry creditors or taxes will chip away at it? Or if you want your loved ones to be cared for soon, but probate delays transfer of your assets?   The right trust can protect your assets, streamline distribution, and reduce financial risks. But trusts can be complex; professional help ensures they’re set up properly and legally valid.  Understanding the many different types of trusts and how they work can help you decide if one suits your estate plan.

A recent Caring.com survey found that many people view estate planning as essential when they acquire valuable assets like a home or a substantial cash windfall. More than half of the respondents -- 56 percent -- said they don't have a will or trust because some feel they lack enough assets to leave anyone. But estate planning involves more than things -- it also involves people; your final wishes form the future for those you love. The best time to plan is when you're healthy and don’t face a crisis. Yet, as the survey showed, some age groups are more prepared than others, and certain factors influenced their choices.

Personal finance expert Dave Ramsey has joked that to show you hate your family, "leave unclear instructions and no will." Without knowing your final wishes, those close to you could fight over your estate or wind up paying your end-of-life costs themselves. If your loved ones struggle to manage the probate process, the burden may also affect them physically and emotionally.