It depends. It depends on your goals going into estate planning. The who, why and what. (Questions your attorney should be asking you before you plan…) In this instance: Who are you protecting? Your young kids. What are you protecting? Monies you want your children to use for education (college, graduate school, etc.) A trust protects the money you…
The most well-known estate planning tool, a Last Will & Testament is a legal document which comes into play after you pass away. It outlines who will be given your money, your things, your home and/or other real property.
The Will outlines what happens with your body (burial, cremation). Most Wills also say something about guardianship for your minor children.
Finally, the document will also appoint a person to make sure all these things happen, they are usually called an Executor.