A revocable living trust will allow you to avoid having your estate go through probate and save your family $3,000, $4,000, $5,000 or more. The trust also allows you tremendous flexibility in distribution to your heirs. For example, the distribution to heirs can be a certain age, for certain purposes such as college, marriage or buying a home or a stated amount per month or year. The trust can also be used to protect beneficiaries that have special needs, allowing them to keep their Medicaid and other welfare. There are also irrevocable trusts used in Medicaid planning in applying for Veterans benefits. Additionally, the State of Michigan approved an Asset Protection Trust in April of 2017. This special trust allows an individual, or husband and wife, to place their assets where they cannot be reached by creditors.