Because of the history of trusts being quite large in the U.S., people think they are restricted to those with large amounts of money.
Trusts are not just beneficial to the super wealthy. They can be a good tool for everyone, according to the Times Herald-Record in “Trusts are no longer just for the wealthy.”
There are all kinds of trusts available today. They can be created for many different purposes.
Trusts can be used to make inheritances in blended families less contentious. They can also be used to hold inheritances for minor children. Trusts can simply be a convenient way to avoid the potentially costly and time-consuming probate process.
Since trusts are so versatile, almost anyone can benefit from a trust.
An estate planning attorney can advise you on creating an estate plan that fits your specific circumstances and may involve a trust as a valuable tool.
Reference: Times Herald-Record (Sep. 28, 2017) “Trusts are no longer just for the wealthy.”