While you can transfer assets through a last will and testament, this method of distributing your wealth provides you with very little oversight or control. Generally, when you make a gift in a will, the person who stands to inherit it will be largely free to do what he or she wants with it. You lose control over what happens to the inheritance after it is given.
With a trust, however, you can do much more than you can with a will. You can provide specific instructions for how trust assets should be used and for when your loved ones can inherit. For example, you could specify that your grandchildren who will inherit from you won’t receive the assets in the trust until after they have graduated or you can provide instructions that the trust assets be used only to pay for your grandchildren’s college education.
To find out more about how and why a trust gives you more control over assets, read this article about the ways in which a living trust gives you more power than a will does.