Trusts Are Just For Rich People, Right? No!

by Matthew Carrucci — Feb 23, 2024

Most people brush off the idea of a Trust without much consideration. One might say, “I don’t have enough money,” or, “My situation is too simple.” (By the way, your situation is never too simple. Want to know why?)

Trusts are far more useful, versatile, and helpful than most people realize. Here are a few things to think about:

Do you have young children? Your home, bank accounts and property can’t pass directly to them. So what happens? You can let whomever cares for your children figure it out, or you can help by planning ahead. A Trust for your children’s benefit lets you define what happens to your property until your children grow up.

Even more importantly, you can decide what happens in case of an emergency. What if your children need tuition? Medical care? With a Trust, you decide how and when your property is used to cover those costs.

Do you have a large family? Let’s face it, families love each other, but they don’t always agree. And the worst disagreements are usually about money – especially after someone dies. A Trust not only gives you more control; it allows you to be more specific, and more thorough, than a Will. The more thorough you are, the fewer questions come up later. Save your family from those disagreements!

You don’t need millions of dollars to consider a Trust. It’s not always about money. More often, it’s about the extra help you give your loved ones after you’re gone.