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You've hit on most of the points about trusts, but there's one more that was a huge factor in us doing trusts from back when our kids were 3 years old. Trusts and their terms are private and so it's very difficult to contest one unlike wills which have to be probated. We had a huge and very much justified concern that if we both died, one of DH's sisters would do everything she could to get custody of our children just to get to their assets. A trust helped us to solve that issue as best we could. We even went so far as to have a notarized document on why we chose a friend to be their guardian and my brother to handle all the finances instead of any of DH's siblings, so we covered all the bases as best we could.

The kids are now 30, so we don't have to worry about that as much, but over the years, we have seen repeated behavior by that one sister that proved to use that our fears were very much on point.
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