Myth #2: Trusts are Only for the Wealthy

Myth: Trusts are only for large, complicated estates of the very wealthy.  

Movies:

1. The Descendants (2011) – George Clooney’s character, a wealthy landowner, is the trustee of a massive family trust that controls valuable Hawaiian real estate. 
2. Arthur (1981 & 2011) – A drunken billionaire is controlled by the terms of his family’s trust, which dictates his inheritance and forces him to marry someone he doesn’t love to access his fortune.

TV Shows:

1. Gossip Girl (2007–2012) – Many wealthy characters have access to trust funds, reinforcing the idea that trusts are a privilege of the elite. Blair, Nate, and Chuck all deal with trust fund-related drama throughout the series.
2. The OC (2003–2007) – The ultra-wealthy Cohen and Cooper families often refer to trust funds as a part of their financial world.
3. Billions (2016–2023) – The show follows billionaire hedge fund manager Bobby Axelrod and his associates, who frequently use trusts and other complex financial tools to manage their vast wealth and avoid taxes.

Sources: Why the Myth Exists?

1. Historical Origins. Trusts have been historically linked to wealthy families as tools for managing vast estates, minimizing estate taxes, and preserving generational wealth. Stories of dynastic trusts, like those used by the Rockefellers or Gettys, reinforce the idea that trusts are exclusive to the rich. 
2. Apparent complexity.  Trusts often involve legal jargon and financial planning concepts that can seem intimidating. This complexity gives the impression that trusts are high-end financial products, accessible only to those with the means to hire specialized attorneys and advisors.
3. Misunderstood purpose.  Many people think trusts are only about wealth protection and tax advantages, which seem unnecessary for many people of more modest means.

Reality: Trusts can benefit ordinary people for several reasons.  See #1 above.