The Motley Fool - Trusts are impressively flexible, offering many ways for people to use them. Revocable trusts can encompass many people's entire estate-planning needs in a single document. On the other hand, professionals have tailored some types of trusts to fit very specific situations and types of assets. The life insurance trust, primarily designed to hold life insurance policies, is a prime example.

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The Motley Fool - Since at least the time of the Roman Empire, wills have been used to ensure the orderly transfer of property from generation to generation. While the popular image of making a will often involves someone in a grave situation -- on the eve of battle, perhaps, or suffering from a terminal illness -- wills can be drawn up at any time, and they do provide a good way for people to state their wishes regarding who should receive their property after their death.

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The Motley Fool - Trusts were first used in medieval England, and they have evolved to serve many purposes in modern law. The essential attribute of a trust is that it divides ownership of property into two pieces. One person, the trustee, holds the legal aspects of ownership and may control and take responsibility for the property. Another person, the beneficiary, holds the sole right to enjoyment of the property.

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Reuters - GMAC, the auto finance and mortgage company, is seeking to become a bank holding company in order to access the government's $700 billion financial rescue plan, the Wall Street Journal reported on Tuesday.

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