There is a misconception that only the wealthy need to have a will drawn up. In estate planning, the size of it is immaterial, unless one totally has nothing. The average adult would have at least some savings in the bank, jewellery, a car, a house, shares in their business and also some small investments such as stocks and unit trusts.
As such, it is better to plan the distribution of these in the will for assets to be passed down smoothly to the next of kin. But in cases of special needs of dependents and minors, it is best to set up a living trust (inter vivos).
A living trust (inter vivos) is where the creator of the trust, called a Settlor parks his assets in the trust (which is managed by a trustee, usually a corporate trustee) during his lifetime. With such a trust, the immediate financial and medical needs of his beneficiary will be taken cared of for the period of the trust. A trust would have the advantage of being useful in the event of the Settlor’s disability, as he may be the sole beneficiary during his lifetime. It can even be used in the event of the Settlor’s disappearance where assets are used for the dependents and children.