Living Trusts are one of the most common estate planning tools in use today. Anyone with an estate of $100,000 or more can benefit from the establishment of a Living Trust.
Although not as common, Testamentary Trusts are helpful for parents who want to provide for their young children but don't want them to receive their inheritance in a lump sum. They are also useful for people with large estates who want to lessen estate taxes and protect their assets from creditors.
Estate planning - fundamentals of Trusts and Living Trusts. (n.d.-a). https://www.hg.org/trusts-and-living-trusts.html