A Will or Last Will and Testament is the document which directs the ultimate disposition of all your worldly goods upon your demise. A Last Will and Testament might include provisions for a trust. A trust may also be set up separately outside of a Last Will and Testament. A trust allows you to place an asset in the hands of another with specific instruction as to the application of income and principal. There are often tax benefits to the creation of a trust. Trusts are sometimes also prepared to protect the beneficiary from the onslaughts of life such as debt, divorce, lawsuits and bad judgment.