It is best not to wait before establishing a comprehensive estate plan; unplanned tragedies can leave a person’s affairs in complete disarray and in court.
Why You Shouldn’t Wait to Set Up a Trust
It’s a surprising and troubling reality: According to AARP, over 60% of Americans don’t have a trust—or any kind of estate plan at all. The reasons vary. Some believe estate planning is something to worry about later. Others assume it’s only for the wealthy or fear they can’t afford it. And for many, the idea of thinking about what happens after they’re gone is simply too uncomfortable.
If any of this sounds familiar, you’re not alone. But here’s the truth: No one lives forever, and it’s never too early to plan for the future. Establishing a trust now can spare your loved ones from unnecessary legal complications, added costs, and delays caused by probate. More importantly, it provides peace of mind—for you and the people you care about most.
Here’s what everyone should know about trusts and why they matter.
What Is a Trust?
A trust is a legal arrangement that outlines how your assets will be managed and distributed after your death. While it may sound similar to a will, a trust offers several key advantages.
Unlike a will, a trust is a separate legal entity that holds your assets. It appoints a trustee—often yourself during your lifetime—who manages those assets and ensures they are passed on according to your wishes. When the time comes, a successor trustee steps in to handle the distribution.
The major benefit? Assets in a trust avoid probate court. That means faster distribution, less red tape, and lower costs for your heirs.
Will I Still Have Control Over My Assets?
Absolutely. The most common type of trust is a revocable living trust, which means you retain full control over your assets while you’re alive. You can update, amend, or revoke the trust at any time.
Because the assets remain under your control, you can still buy, sell, or borrow against them just as you would if they weren’t in a trust. Nothing changes about your taxes or your ability to manage your finances—it simply changes the way your assets are titled.
What If I Don’t Have a Trust?
If you pass away without a trust, your estate will likely go through probate, a court-supervised process that can be time-consuming and expensive.
Probate proceedings are often slow, especially with court backlogs from recent years. They also come with fees—attorney fees, court costs, and executor fees—that can significantly reduce the inheritance your loved ones receive. In fact, the total cost of probate can easily be three or four times more than setting up a trust in the first place.
A Simple Step Toward Peace of Mind
Time and money are two things none of us want to waste—especially when it comes to protecting our families. That’s why creating a revocable trust is one of the smartest, most forward-thinking decisions you can make.
Whether you’re just starting your estate plan or revisiting it with fresh eyes, remember: It’s never too early to get a trust in place.
These legal topics are provided to you by the President of QMC, Mark Easley. While QMC does not engage in the practice of law, Mr. Easley has practiced estate planning and elder law for over 30 years and is currently the principal at the Elder and Estate Planning Law Firm of St. Louis.