The short answer is no.  As stated previously, a trust has multiple benefits including privacy and the avoidance of probate. Furthermore, a trust provides significant tax benefits even for those who do not consider themselves to be "mega rich."  

 

For example, let's take the case of Richard and Cynthia, a married couple who are 70 and 64, respectively.  Richard is a retired information technology professional and Cynthia is a successful photographer.  They have one child together, Mark, who is 35. Richard also has one child, Cheryl, from a previous marriage. Cheryl is 40. 

​

Richard and Cynthia's joint estate consists of the following: 

​

• A $900,000 home in Tigard with a remaining mortgage of $125,000.  The total equity in their house is $775,000. 

• Checking and savings accounts with total assets of $500,000.

• Richard's 401(k) is worth $295,000 and Cynthia's IRA is worth $350,000.  The total value of their retirement accounts is $645,000.

• Two jointly-owned vehicles with a combined value of $60,000.  

• Personal belongings and family heirlooms worth $20,000. 

​

​