I'm 56, divorced, retired military, in my second career, have a mortgage, and a fair amount of life insurance. Some of the life-insurance, paid for through my military retirement, is encumbered by a Financial Settlement from divorcing after 31 years (18 of that in the Military). I'm in a second career (federal government - 14.5 years) and have retirement (federal Employee Retirement System (FERS)) and life insurance (Federal Employee Group Life Insurance (FEGLI). The ex-wife is currently the beneficiary. I now have a partner who I would like to make the beneficiary, but I want to ensure what assets I have are protected and channeled in the direction I want. Shielding assets from taxes and medicaid is also important. Should I be looking at a will or a trust?