You do not need to be a Rockefeller to require a trust. A trust could be a helpful estate-planning tool for plenty of individuals. But offered the costs related with opening 1, it is most likely not worth it unless you've a particular quantity of assets.
Here's a great rule of thumb:
When you have a net worth of a minimum of $100,000 and possess a substantial quantity of assets in genuine estate, or have extremely particular directions on how and whenever you want your estate to become distributed amongst your heirs following you die, then a trust might be for you personally. Trusts are also fantastic for minimizing estate taxes or guarding your estate from lawsuits and creditors.
Trusts are versatile, varied and complicated. Every kind has benefits and disadvantages, which you need to talk about completely together with your estate-planning lawyer prior to setting 1 up.
Take note: Assets you would like protected by the trust should be retitled within the name from the trust. Something that's not titled towards the trust whenever you die may have to undergo probate.