When you think about a trust, you probably think about million dollar accounts for wealthy individuals. The reality is that most trusts aren't for the rich and famous but rather for people of lower incomes. Trusts can be beneficial for people of all backgrounds, even if they only have a few thousand dollars.
If you have already written a will, you might think that you have done all the estate planning you need to do. However, creating an estate plan and letting it gather dust for 10, 20 or 30 years is one of the biggest mistakes people make with their end-of-life decisions. Whether you have a will, living trust or a health care directive, you need to periodically review these documents to make sure they still reflect your wishes.