You: Trusts aren’t for me–they’re for rich people, right?
Many people assume trusts are only for the extremely wealthy. And while there is certainly a place for trusts among the affluent, a revocable living trust makes sense for many people living a typical middle-class lifestyle.
You: How so?
A trust provides for a cleaner passing of your estate—large or small—to your designated beneficiaries.
You: I’m sorry. I speak English.
Sorry. In other words, a trust helps get your money and the things you own to the people you want to get them–and makes less of a mess in the process.
You: But why would I need a trust if I already have a will?
Unlike a will, trust assets avoid the costs and delays related to probate.
You: So it’s one or the other?
Nope. It’s often both.
You: Why would I still need a will if I have a trust?
Although you can pass assets through a trust, you cannot pass children. If you have young children, you need a will to make it clear who should take care of your children (become their guardians) should pass away. Furthermore, a will is used for things that you choose (or forget to choose) to put into your trust.
You: So I need both.
Maybe. Nearly everyone needs a will. Whether you need a trust will depend on several factors including your level of wealth and the complexity of your family situation (married, committed partner, step-children, etc.). That’s why estate planning is one area that often makes sense to talk through with an expert – usually an estate planning attorney.
You: So what now?
Although most people associate trusts with the extremely wealthy, the moral of today’s financial planning education is to be receptive to the idea that a trust may make a bunch of sense for you.
“personal finance” 
“financial education”
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