Here’s how to decide whether a trust is right for you
By If you’ve been successful in saving for your retirement, this situation may have happened to you:
A representative from a financial institution or law firm offers to treat you to a steak dinner. They tell you all about the legal documents they believe you should have in place, so your family is taken care of after you’re gone. You go over your will and your charitable giving plans, and then — have you set up a trust yet? They may emphasize the need to avoid probate and offer you a free consultation to “ensure you’re protected”.
Often, these pitches aren’t meant to educate; they’re meant to sell. And when clients come to us asking for advice, we can’t really give it because we’re not estate attorneys. But we can help you review the factors that matter.
Often, when we look at your assets, goals, and family makeup, whether someone needs a trust depends entirely on their personal situation. For some people, a trust plays a meaningful role. For others, it doesn’t add much value. Probate is just part of the estate-settlement process. Depending on your assets and your need for privacy, probate may or may not be something that you need to worry about.
So, the natural question becomes: Who needs a trust? Think about it like specialty insurance. Some people genuinely need it based on their circumstances; others don’t. You wouldn’t add rust protection to a vehicle unless your environment called for it. The same idea applies here.
To determine whether a trust is right for you, consider your intentions for your assets. Do you have family you want to give them away to? Are you planning on giving them to church or charity? Or are you at the stage where you think you’re planning on using every penny to enjoy your life? For many situations, a will can manage those wishes effectively.
If you have children or beneficiaries and sizeable wealth, consider the level of control you want now or from the grave. Are there relationship or asset-protection factors to consider? Are there substance abuse issues where there are concerns about financial responsibility? Do you want to skip a generation and leave money to grandchildren or great-grandchildren? These are situations where a trust may help you.
Perhaps you own a family farm or investment property, and you suspect some of the beneficiaries would immediately liquidate it, while others would want to keep it in the family. If preserving that asset matters, a family trust could support that intention.
Do any of your children or beneficiaries have special needs? A special needs trust could apply.
I could go on and on about all the different ways that trusts can help you, but in my nearly three decades in this industry, I have learned that the usefulness of a trust is highly individual. The first step is understanding whether a trust would benefit you.
So, my thought for you is this: If you have a reason to protect, control, or manage your assets while you’re alive or from the grave, a trust could be a valuable solution. But before setting it up, let’s ask if a trust would fit your goals. Let’s not just set up a trust without understanding the “why,” because it has its own responsibilities, requirements, time, and costs.
If you’d like us to be part of that trust conversation with your estate attorney, we’d be more than happy to join that meeting. We can work with your estate attorney to practically plan together. Many families want to put the right documents in place, but they don’t always know the right questions to ask. In 2026, our goal is to help orchestrate this more efficiently for our client families.
If you’re reading this and don’t have a relationship with us, set up a meeting. We may not have steak, but we’ll have coffee ready.
Estate planning services provided in conjunction with your licensed legal professional.
Legal advice is not offered by Family Financial Partners. Please consult with your licensed legal professional for additional guidance appropriate to your specific situation.
Article by David Smyth, Senior Partner and Wealth Advisor at Family Financial Partners — a financial services firm in Lexington, Kentucky.