A trust agreement sets forth your right to control your assets for as long as you are able. It names the person whom you want in control of your assets should you become incapacitated or deceased. This person is known as the "successor trustee."

A properly structured revocable living trust can provide for the surviving spouse while protecting the interests of children, which may be especially important if the children are from a prior marriage. It also avoids probate and a conservatorship of your assets and minimizes estate taxes. It should work in concert with all of your estate planning documents to minimize capital gains tax and other income taxes paid by the surviving spouse, children or other beneficiaries.

A living trust is also appropriate for single people. You can avoid probate and avoid the possible future need for a conservatorship if you become incapacitated.

An attorney plays an important role in trust administration. The attorney helps the successor trustee carry out your wishes while protecting your successor trustee from personal liability. The attorney also uses his or her expertise to help your family activate the trust and then protect it by ensuring that all necessary procedures and laws are followed.