There are several reasons to have a trust, and most people will have more than one reason. The most common reasons to form a trust include:
Avoiding the risks, costs, procedural burden, and length of time of probate.
Avoiding situations where a will could be contested, or someone could seek to declare the will invalid.
In some cases, shielding assets from creditors or other claimants by placing them in an irrevocable living trust.
Ensuring that specific instructions are followed dictating the transfer of property, such as only allowing the transfer of funds to a minor relative once they reach their 20th birthday.
Wishing to prepare for future scenarios in addition to death, such as wanting to set aside money for someone to manage your finances and obligations should you become medically incapacitated.
Channeling funding for a specific purpose, such as establishing a trust that can pay for the care of a pet following your death.
There are many other reasons to establish a trust. Someone does not need to have lots of money or property to be able to benefit from the legal certainty and security a trust can provide.