Today, many comprehensive estate plans include living trusts. Prepared properly, a living trust is a powerful estate planning document that allows you to change it throughout your lifetime. If you neglect to fund your trust, however, the trust may actually be completely ineffective. For your trust to work the way you intended, you need to "fund" it.
Unfortunately, the elderly are a frequent target of dishonest companies and individuals who attempt to capitalize on seniors' financial fears. Many of these companies sell trusts and annuities that end up harming a senior's finances instead of improving or preserving them.
Despite the fact that trust law can be very complex, it can also open the door to some wise estate planning options. On a basic level, trusts can be used to distribute assets to beneficiaries in accord with a grantor's wishes. A trustee is assigned to oversee the administration of the assets included in the trust. Interestingly enough, trusts can be administered while grantors are alive or after they pass away.