There is a persistent, costly myth in modern personal finance: "Trusts are only for millionaires." Many people believe that unless they possess sprawling estates, private jets, or massive investment portfolios, a simple Last Will and Testament—or even no plan at all—is perfectly sufficient. This single misconception costs families tens of thousands of dollars every year in court fees, unnecessary taxes, and legal tie-ups. The truth is straightforward: a trust is not a status

Both wills and trusts are important tools in your estate plan. There is no one-size-fits-all approach to estate planning. Each plan must...