Trusts have a variety of purposes, ranging from asset protection to providing financial support to a minor or a mentally incapacitated individual. Trusts also have significant tax planning advantages. In this activity, you will be assigned to a group with four of your peers. Each of you will research a type of trust (simple, complex, testamentary, inter vivos, etc.) or a trust that is a combination of several types (e.g., a testamentary trust that is also complex) and report your findings back to your group.

1. What flexibility does your trust offer that other trusts do not?

2. What are its advantages and disadvantages?

Cite trade publications, law review articles, and other relevant sources in support of your answer.

DISCUSS Testamentary trust