Quora Answer: Is a Trust Necessary if a Couple Has No Children?

The following is my answer to a Quora question: “Is a trust necessary if a couple has no children?  We have a will.”

A trust is useful if you have beneficiaries in mind whom you want to benefit over an extended period of time, instead of giving them their share of the estate at once.  The beneficiary need not be a natural person.  It may be a foundation, a charity, or even your pet.

Trusts are also useful for mitigating your tax liability, if you know how to manage them well.  This is especially necessary if your wealth is based largely on assets that are taxed heavily where you are a tax resident, such as property and investment portfolios.