WHO NEEDS A TRUST?
Trusts for Individuals -
Anyone that has assets, expects to have assets, or does not want to lose assets, can have a trust.
Of course, you can't take it all with you, so.... anyone that wants to pass assets on to others and give them the benefits of the assets can benefit more safely with a trust. A trust can even be set up in anticipation of future events, like starting a business, a new venture, future income, or benefits from becoming a celebrity. You could also benefit if things could get bad, or if you could ever get sick, or have an accident. That means that it's possible that planning for an emergency, could protect you from financial disaster or further damage. And planning now can be ways to reduce or avert problems.
Anyone; to include a relative, a friend, a charity, a cause, a purpose, a school, politics, education, pets, a business, or a company could be a beneficiary. One can share with related (or unrelated) beneficiaries. Planning can exclude anyone too.
You can name one, or more equal or unequal beneficiaries. There can be any number of beneficiaries. The benefits are usually shared in an undivided manner, but could be divided in any percentage, or physically assign specific divided assets.
Trusts for Families -
Husbands and wives frequently share and inherit a Lifetime Beneficial Interest for both of their lifetimes, then shift benefits to their children as the Remainder Beneficiaries. This keeps assets within the family, and prevents spouses of the children (or others) from inheiriting ownership. But without a trust, this can be delayed by court actions that cost thousands and can take many months.
Trusts for Lifetime Benefits -
You can keep "Lifetime Beneficiaries" currently maintaining existing benefits during your lifetime, then shift benefits to "Remainder Beneficiaries". This allows you to select "who, what, where, when, and how" to distribute inheiritance rights (or lack thereof).
You could even then shift the benefits to grandkids or other charities. And, you can change anything you wish at any time during your lifetime.
Business Benefits of a Trust -
You can maintain and protect a business during a medical problem or other crisis, without interruption. This allows for uninterrupted operations, management, and smooth transition of management.
Furthermore, any business, legal issues, management problems could be kept separate from other assets, like the home, bank accounts, vehicles, and investments.