You have probably heard someone whisper that trusts are only for the ultra wealthy. That myth alone can cost your family time, money, and a whole lot of peace. At Voorhees Law Group, we meet families every week who skipped 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 would.
One middle class family learned this the hard way after their parents passed with only a will. They assumed trusts were for people with sprawling mansions and yachts, so they never looked into one. The probate process dragged on for more than a year, drained thousands of dollars in fees, and forced their private family matters into public court records. A simple trust would have saved money, stress, and a whole lot of unnecessary drama.
Here are ten myths that keep families from using one of the most helpful planning tools available.
Myth: Trusts are only for wealthy families.
Many 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.
Myth: A will and a trust do the same thing.
A will only speaks at 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.
Myth: Once I put assets in a trust, I lose control.
With a revocable living trust, you stay in control. You remain the trustee for as long as you are able, and you can change the trust, add assets, or revoke it entirely.
Myth: Trusts are too expensive.
Most families are surprised to learn that probate usually costs more than creating a trust. A trust is an upfront investment that prevents future legal bills.
Myth: 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 makes the transfer smooth and private.
Myth: 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.
Myth: My family will get along, so we do not need one.
Emotions run high after a loss. A trust removes guesswork, prevents misunderstandings, and minimizes the chance of siblings locking horns.
Myth: A trust keeps my finances private from my beneficiaries.
Beneficiaries will still know what they are receiving, but a trust keeps your information out of the public probate file, which is where privacy is usually lost.
Myth: My bank accounts already have beneficiaries, so I am covered.
Accounts may transfer easily, but homes, vehicles, investments, business interests, and personal items need a coordinated plan. A trust takes care of everything in one place.
Myth: 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 stagnant trust can cause new problems.
Trusts are not complicated or exclusive. They are practical tools designed to protect families, simplify transfers, and prevent unnecessary costs. At Voorhees Law Group, we help families understand exactly what a trust can do and whether it is right for them.
Ready to see how a trust could protect your family? Request a Consultation today.