You have probably heard that trusts are only for the ultra wealthy, but that myth alone could cost your family time, money, and peace. At Bello & Morton, LLC, we meet families all the time who avoid creating a trust because of misinformation. What they do not realize is that probate fees, delays, and public court records often cost far more than preparing a trust ever will.
One middle class family learned this the hard way. Their parents passed away with only a will. They assumed trusts were for people with massive estates, so they never explored the option. The probate process dragged on for more than a year, cost thousands in legal fees, and exposed their private family matters to the public. A simple trust would have prevented every bit of that stress.
Here are ten myths that keep people from using one of the most helpful planning tools available.
Trusts are only for wealthy families
Many of the families who benefit most from trusts are middle class homeowners. Probate fees often take a larger percentage of smaller estates, which makes a trust the more affordable option long term.
A will and a trust do the same thing
A will only takes effect after death and must go through probate. A trust manages your assets during your life and after your passing, and it keeps everything out of the probate system.
Once I put assets in a trust, I lose control
With a revocable living trust, you remain the trustee for as long as you are able. You can change the trust, add assets, or revoke it entirely.
Trusts are too expensive
Most families are surprised to learn that probate often costs more than creating a trust. A trust is an upfront investment that prevents future legal bills.
I do not own enough to need a trust
A home alone is often reason enough. Even modest estates can get stuck in probate, and a trust keeps the transfer smooth and private.
Trusts are only for older people
Young families use trusts to protect minor children, outline guardianship instructions, and provide controlled financial support if something unexpected happens.
My family will get along, so we do not need one
Emotions run high after a loss. A trust removes guesswork, prevents misunderstandings, and keeps siblings from arguing over decisions.
A trust keeps my finances private from my beneficiaries
Beneficiaries will still know what they are receiving, but a trust protects your information from being published in public probate records.
My bank accounts already have beneficiaries, so I am covered
Accounts may transfer easily, but homes, vehicles, investments, business interests, and personal possessions all need a coordinated plan. A trust keeps everything in one place.
I made a trust once, so it will work forever
Trusts must be reviewed to stay effective. Laws change, assets change, and relationships change. A trust that is never updated can cause new problems for your family.
Trusts are not complicated or exclusive. They are practical tools that protect your family, simplify transfers, and prevent unnecessary costs.
At Bello & Morton, LLC, we help you understand exactly what a trust can do and whether it is the right fit for your goals.
Ready to see how a trust could protect your family? Register for a Workshop or Request a Consultation today.
