You have probably heard someone say that trusts are only for the ultra-wealthy. That one myth alone can cost families time, money, and peace. At Bellomo and Associates, we meet families all the time who skip the idea of creating a trust because of things they once heard from a friend, a neighbor, or a well-meaning relative.

 

What many 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. Their parents passed away with only a will. They assumed trusts were for people with large estates, so they never considered one. Probate dragged on for more than a year, cost thousands in fees, and exposed private family matters in public records. A simple trust could have prevented all of it.

 

Here are ten very common myths that keep families 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, making 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 you pass, 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 it, add assets, or even revoke the trust 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 and stress.

 

“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, private, and efficient.

 

“Trusts are only for older people.”

Young families use trusts to protect minor children, name guardians, and provide structure if the unexpected happens. Trusts are not about age. They are about preparation.

 

“My family will get along, so we do not need one.”

Even the closest families struggle with decisions after a loss. A trust removes guesswork, prevents misunderstandings, and keeps siblings from having to settle tough questions on their own.

 

“A trust keeps my finances private from my beneficiaries.”

Your beneficiaries will still know what they are receiving, but a trust keeps your information out of the public probate file. That is where most privacy is lost.

 

“My bank accounts already have beneficiaries, so I am covered.”

Accounts may transfer easily, but homes, vehicles, investments, business interests, and personal items all need a coordinated plan. A trust brings it all together 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 families change. A trust that never gets updated can create new problems.

 

The Truth About Trusts

Trusts are not complicated or exclusive. They are practical tools designed to protect families, simplify transfers, and prevent unnecessary costs and delays.

 

At Bellomo and Associates, we help families understand exactly what a trust can do and whether it is the right fit for their goals.

 

Ready to see how a trust could protect your family? Register for a Workshop