Even if you don’t have children, a trust can be a powerful tool for managing your wealth and ensuring your assets are distributed according to your wishes. A trust allows you to designate exactly who receives your assets, whether that’s family members, friends, charities, or other beneficiaries. It also helps avoid probate, to help ensure an efficient and private wealth transfer. Finally, a trust can outline who manages your financial affairs if you become incapacitated, providing asset management without court intervention.