Handling Financial Affairs
A competent adult may also create an "inter vivos," or living trust which provides for the handling of all or certain financial affairs by a designated trustee. Like a power of attorney, it allows one to specify the person or entity (e.g., a trust department) to handle the affairs and manage the trust property and may define the exact manner of property management.
It is also beneficial in that it designates the trustee with whom 3rd parties may deal regarding financial and other matters within the scope of the trust. It usually involves higher costs and more complex arrangements than required under normal circumstances.