Many people have heard about trusts, but may not know there are several kinds of trusts, and which, if any, of these legal documents may be of value to them for their personal financial planning. It might be time to ask yourself, “Would a trust help me accomplish an important financial or estate planning objective?” Trusts can be established to address a variety of concerns, including protecting and distributing your assets, managing taxes and achieving your charitable goals. The assets in a trust are managed according to your wishes by the trustee you choose.