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Do I have to be wealthy to set up a trust?

In my opinion wealth has nothing to do with whether you need a trust. A trust is a way of transferring assets through your disability and ultimately at your death to control where your assets go. It’s also a way of keeping your assets and how they’re distributed private. A trust is not filed with a court unlike a will. When you pass, your will is filed with a court. If you have a trust naming as the beneficiary of that will, that trust then is private and not filed with the court. So then the world doesn’t see who you’re distributing your assets to, who you might be disinheriting. You might have special needs children and the like, so it’s a private document that is the best way to transfer assets upon death.