Every parent’s responsibility is to try to give their children as many opportunities in life as possible. As a result, we get life insurance, set up a 529 plan, establish a will, invest for their future, and spend as much time with them as possible before they fly away.
Trusts may have originated in the 8th century but became more common during the times of the crusades. Knights would travel to far off lands, fighting for their church and king. These men left their families for months if not years with little communication back home.
They left wives and children to tend to the home not knowing if they would return until they either showed up at the front door or the other knights came home and told their families they didn’t make it home from the battle.
If there was no trust in that day, the Crown could claim any property belonging to the knight under royal rights and the wife and children carry on penniless.
Fortunately, we aren’t as archaic today but there are still benefits of a trust, especially for those with a high net worth.