One cannot handle the disposition of one's estate from the grave, but one can determine who will handle that disposition. The two basic ways to do so are by wills or trusts.

The larger and more complex the estate, and the person's family and interactions, the more critical is the decision as to who will make investment and distribution decisions post mortem. For example, a client with young children, where interests, needs and abilities are yet to be evident, may need drastically different things from an advisor than a client whose children are more mature and show distinctly different needs and potentials.

Putting aside bequests to a surviving spouse, other family members, friends and charities, as well as tax considerations if the estate is substantial enough for such concerns, the simple course is to bequeath one's estate to all children or issue equally. That's the easy answer but not necessarily a satisfactory one, especially if the estate is large and there is a concern about differences in merit or need among the beneficiaries, or the continuation of an operating business to consider. A solution can be a trust, providing some flexibility regarding asset management, investments and distributions, but which kind of trust…testamentary or inter vivos?