The use of trusts in estate planning is one of the best strategies for a variety of circumstances. However, the term "trust" encompasses a vast array of documents and options. Trusts can be further categorized in many ways, but the most widely used are revocable, irrevocable and special needs trusts.

Revocable trusts are being increasingly used in place of last will and testaments because of their flexibility, privacy and expediency. Revocable trusts are simple to use, as assets held in this type of trust can be used in the same way as if they were held in the grantor's name. However, because the grantor has full access to use assets within the trust, there is no asset protection for the grantor.