What is it:
A trust is a legal entity that can own your assets (while living or at death) and be controlled based on your wishes outlined in the legal document that created the entity. For example, a trust might be useful if your 2-year-old daughter survived you and your spouse and was now the rightful owner of all your assets (house, bank accounts, retirement accounts, insurance proceeds, etc.). A trust would allow you to dictate how you wanted your child to benefit from your assets throughout her life. It is a way to protect assets from being used in a way that you would not see fit if you were in control of them.
When to get it:
You only need this if you are worried about the oversight or care of the assets that may be provided at your passing. Ultimately, you are trusting your heirs to manage and use your assets properly should you pass away. If you have a sizeable insurance policy or estate and/or children a trust is worth discussing with an attorney.
Where to get:
Do not do generic trusts online. Talk to an attorney to determine the right parameters and language for your situation.
$500-$800 per trust created.