5 Questions Every Family Should Be Asking
If you’ve ever found yourself wondering, Do I really need a trust?, you’re not alone.
Many of the individuals and families we work with have asked that same question. Often, it comes up as they’re getting serious about their financial future, updating their estate plan, or navigating more complex family or financial dynamics.
They’ve built something they’re proud of. Now they want to make sure it’s protected, preserved, and passed on the right way.
But understanding whether or not a trust fits into your estate plan isn’t always straightforward. The truth is, a trust isn’t just a tool for the ultra-wealthy. It’s a strategy for anyone looking for more control, more privacy, and more peace of mind.
Here are five of the most common questions we hear—and the guidance we share to help families make informed decisions.
1. What exactly is a trust, and how does it work?
Think of a trust as a legal container for your assets. You transfer property, accounts, or investments into the trust, and appoint someone (often yourself) to manage it. You also choose who will receive those assets, and under what terms.
Unlike a will, which only takes effect after your passing and must go through probate, a trust can be used and managed while you’re still living and allows for a smoother, more private transfer of assets later on.
2. What’s the real difference between a trust and a will?
A will spells out your wishes after your death—who inherits what, who will care for your children, and how you want things handled. But wills must go through probate, a court-supervised process that can take time, cost money, and make personal matters public.
A trust avoids probate altogether. It offers more flexibility and control, especially if your situation involves multiple properties, a blended family, or the desire to stagger inheritance over time.
In many cases, the best solution is both: a will to cover anything outside of the trust, and a trust to manage the bulk of your estate more efficiently.
3. Who should seriously consider a trust?
You don’t need to have millions in the bank to benefit from a trust. You may want to explore one if you:
- Own property in multiple states
- Want to keep your estate matters private
- Are in a second marriage or have a blended family
- Want to protect a loved one with special needs or from financial risk
- Prefer more control over how and when your assets are distributed
In our experience, many families come to us thinking a trust might be overkill, until they realize just how much clarity and peace of mind it can provide.
4. If I create a trust, do I lose access to my assets?
Not at all. With a revocable living trust, you stay in control. You can move assets in or out, update your beneficiaries, and even dissolve the trust entirely if your plans change.
This kind of trust is designed to work alongside your life, not limit it. And it ensures that, should something happen to you, your affairs are in order and your loved ones won’t be left navigating unnecessary complications.
5. What happens to the trust after I pass away?
When you pass, the trust becomes irrevocable. Your successor trustee – the person you’ve chosen – steps in to carry out your instructions. There’s no probate, no court delays, and no guesswork.
It’s a clean, private process that allows your loved ones to focus on what matters most, rather than managing a drawn-out legal process.
So, how do you know if it’s the right time to set up a trust?
If you’ve asked the question, even just in passing, it’s worth having a conversation. Trusts aren’t about how much you have, they’re about how you want to manage it, how you want to leave things for your family, and how to make transitions easier, not harder.
At First Wealth & Trust, we help families across Winter Garden and Clermont to design estate plans that reflect their values, not just their assets. If a trust makes sense for your goals, we’ll help you build one with care. If not, we’ll point you to the tools that do.
Your wealth deserves protection. Your family deserves clarity. And you deserve the confidence that comes from knowing it’s all handled. To schedule a consultation with one of our local advisors, contact us today.
Trust and investment services are not FDIC insured, not deposits of the bank, not guaranteed by the bank, not insured by any government agency, and may lose value.