The decision to create a trust is a complex one. You will want to discuss your personal needs with financial and legal experts. It is not uncommon for an individual who owns a small parcel of land, a home, and a few investments to have an estate that exceeds the federal estate-tax limits, resulting in large tax implications. In addition, if you own assets that require ongoing management, such as rental property, a trust may help facilitate their management in the event of incapacity.
Individual situations and the purposes of your estate plan will determine the best strategies for you. However, unless you have an estate that exceeds the federal tax threshold, own complex assets, or are providing for a minor child or disabled person, under most circumstances you are not likely to need a living trust.