It is well-documented that very few people do proper estate planning. In fact, many people do not even know what estate planning is. In its simplest terms, estate planning is determining where your assets will go when you pass, and this is something you want to direct yourself. One of the ways you can manage your estate is by using a trust.

So what exactly are trusts, and how do they work? Host Lou Scatigna, CFP® explains in this segment from The Financial Physician.