The other day, I was driving home from an exciting meeting at the Dublin Community Center. The weather was kind of perfect—one of those September days where it wasn’t quite hot, but it wasn’t quite chilly either. In other words, it was the perfect time to roll down the windows of my compact crossover and enjoy some tunes.
Even though I’m no longer a spring chicken, I have embraced music streaming since many of my favorites aren’t found on the radio most days. A lot of the music on my Spotify playlist comes from movies and TV shows. Last year, while watching Gen V, a satirical superhero series on Amazon Prime, I noticed they featured a song that struck a chord with me: Broken by Lovelytheband. I hadn’t heard it in a while, so I quickly added it to my playlist.
As I was driving home from that meeting, that song came on. I was in a good mood and naturally started to sing along. Then, this perfect day was ruined by the lyrics:
I met you late night, at a party.
Some trust fund baby’s Brooklyn loft.
Did I slam on the brakes and have an existential crisis right there on 270 South? No—but I wanted to. Why did this one lyric mess up my Friday? Well, to explain that, we have to go back a bit.
Trust Funds: Not Just for the Super-Rich
Up until February of this year, I too was ignorant about who should consider a trust. I thought, like many others, that trusts were just for the super-rich. After all, my only exposure to trusts 
came from what I saw in movies and on TV. As I mentioned earlier, that’s where I get a lot of my music, so it makes sense that’s where I used to get my estate planning advice too. But everything changed when I started working for an experienced estate planning law firm. I quickly realized that a trust can benefit far more than just the super-rich.
Where Did This Stigma Come From?
It’s tough to pinpoint where the idea that trusts are only for the rich originated. When you Google “Why do people think trust funds are just for the rich?” you mostly find wealth management articles explaining that trusts aren’t just for the wealthy.
There was also a time in the United States when trusts were used by corporations to control prices and the supply of goods to their own advantage. Since that practice was good for the corporations but not for the consumers, laws were eventually passed to bust up these trusts for the public good. There were also a handful of super-wealthy individuals who used trusts to reduce or entirely get out of paying federal estate taxes, at a time when these taxes were enacted to support the military during active wartime. Both of these things happened so long ago that even us more seasoned individuals wouldn’t remember. Sadly, it seems I’ll need to do some critical thinking here.
I believe media has a lot to do with it. It’s cliché to say, but they don’t teach us about probate in school. In fact, Tim Jarvis, the founder of our firm, was a financial planner before he learned how trusts and basic estate planning could help people, and at that time, he only knew a very surface amount. Even people with significant financial knowledge might not realize how beneficial a trust can be and when and why trusts can be used to accomplish specific goals.
It’s Easy to Go With the Flow
The stigma around trusts started long before I was born, but it reminds me of something from years ago. Many of us on the north side of forty remember the infamous 1992 lawsuit in which an older woman sued McDonald’s after she spilled her cup of hot, drive-through McDonald’s coffee on herself.
Most people only recall the story from late-night talk shows. The internet wasn’t really a thing back then, so we got snippets of our news from places like The Tonight Show. (Yes, I miss Johnny and Jay as well!) For years, those shows made fun of the poor woman. The actual case, Liebeck v. McDonald’s, is far more nuanced, but the talk show hosts didn’t bother with the facts—they were just looking for a quick laugh. It’s been 30 years, but people still get the story wrong today.
Trusts face a similar challenge. Think about every time you’ve seen a trust mentioned in a TV show, movie, or podcast. Chances are, it was portrayed negatively. Just last night, I was rewatching the hit Emmy Award-winning show Hacks with actress Jean Smart. In the first episode of season 3, a character who’s portrayed as inept tells another not to worry about a financial mistake because she has her trust to fall back on. It’s a smart, creative show, but they may have gotten this part wrong.
Who Should Consider a Trust?
I don’t have kids, but if I did, they’d be trust fund babies—not because I’m rich, but because I’d want to protect them from probate, future lawsuits, losing their inheritance in a divorce, or just plain old bad decision-making. If I died tomorrow without a trust, my child would lose thousands that I want to go to them instead of an attorney, the probate court and anyone else with their hand out in that process. It would also take a lot longer for them to receive what I am leaving for them without a trust. I wouldn’t want that for them, and I’m sure you wouldn’t either.
I get it—it’s easy to believe what you hear on TV or, in my case, music. But when you do your own research, you might find that what’s commonly accepted as true isn’t always accurate. I’m grateful I had the chance to learn from people with real-world knowledge instead of relying on the “experts” in pop culture.
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About The Author
Jonathan E. Corra is the Marketing Manager for Jarvis Law office. He holds a Master’s in Corporate Communication from West Virginia University, as well as an RBA from West Virginia University at Parkersburg. Jonathan has over 15 years of experience in Marketing, including nearly a decade in Legal Marketing. Having faced the profound challenges of caregiving for both of his parents, Jonathan brings a deeply personal understanding to his work at Jarvis Law Office. He is passionate about Estate Planning, Asset Protection, and Care Navigation, and is dedicated to helping families navigate the complexities of long-term care with compassion and knowledge.
In addition to his professional accomplishments, Jonathan is known for his empathetic and understanding nature. His work is not just a career but a calling, driven by a desire to make a difference in the lives of others. Through his legal knowledge and personal insights, Jonathan strives to offer the support and peace of mind that every family deserves.
Published November 15, 2024
