Trust

A trust is a legal entity that holds assets on behalf of beneficiaries, managed by a trustee according to the rules you set. Revocable living trusts are commonly used to avoid probate and provide for management if you're incapacitated; irrevocable trusts can serve tax and asset-protection goals.

Trusts add control and privacy that a will alone can't: you can stagger distributions to heirs, protect assets for minors or beneficiaries with special needs, and keep your affairs out of public probate records. They're more involved to set up and maintain, so whether one fits depends on your goals, your state, and the size and complexity of your estate — a question for an estate attorney.