After 155 years, the Campbell Soup Company, a $15 billion American icon, has made a surprising shift, changing its name to The Campbell's Company. Known for its iconic red-and-white soup cans, Campbell's is a staple in many American households. Yet, the name change highlights a significant transformation within the company. While soup remains an integral part of its identity, Campbell's has expanded into a wide range of products, including snacks like Pepperidge Farm cookies, Snyder's of Hanover pretzels, and beverages like V8 juices. Last year, while Campbell's soup sales grew by 3%, its snack sales soared by 13%. This shift reflects the company’s new direction, demonstrating that even the most time-honored institutions must evolve with changing times.
Much like Campbell’s, individuals and families planning for the future should consider how traditional approaches might need to be updated to reflect current needs and goals. For many people, estate planning has been synonymous with a Last Will and Testament—a practice that dates back over two millennia to ancient Greece. But just as Campbell's is now focusing on a broader portfolio, modern estate planning offers a variety of tools beyond the simple Will, allowing families to protect their assets in more flexible and efficient ways.
A Will is a set of written instructions directing how your property should be distributed after your death. While this concept has been around since 600 BCE, the process of using a Will today requires going through Probate—a public, court-supervised process to validate the document.
Probate comes with its challenges. It is entirely public, which means that anyone can access every detail about your estate, including the value of your assets and the names and addresses of your heirs. Probate can also be time-consuming, taking months or even years to complete, especially if there are disputes or complexities. Finally, it can be costly, draining funds that could have gone directly to your loved ones.
The traditional route of relying solely on a Will can feel like Campbell’s keeping its focus solely on soups: tried and true, but not always the best fit for modern needs. Just as Campbell's has broadened its product range, modern legal consumers should consider a broader array of estate planning tools that can help them preserve privacy, reduce costs, and keep control within the family.
One of the most effective alternatives to relying solely on a Will is setting up a Trust. The concept of a Trust dates back to ancient Rome, where a legal arrangement called "fiducia" allowed property to be managed by one party on behalf of another. Today, the Trust has become a cornerstone of modern estate planning, offering benefits that a Will simply cannot match.
A Trust is a legal arrangement that allows you to transfer ownership of your assets while maintaining control over how they are managed and distributed. Unlike a Will, a Trust does not have to go through Probate, meaning that your family can avoid the time, expense, and publicity of the court process. Instead, the assets are managed privately, according to your instructions, even after your death or during a period of incapacity.
With a Trust, your family's wealth stays where it belongs: under your control and not in the hands of the government. This control extends to various aspects, such as who manages your assets if you become incapacitated, how your wealth is distributed among your beneficiaries, and even when your beneficiaries receive their inheritance.
Trusts are also valuable for protecting family assets from risks such as lawsuits, creditors, and long-term care costs. For example, if you want to ensure that a portion of your wealth is preserved for your grandchildren’s education, a Trust can be structured to meet that specific goal while protecting those funds from unexpected expenses or challenges.
Just as The Campbell’s Company has recognized the need to evolve, estate planning should also adapt to modern realities. In fact, as Trusts become more widely used and understood, the future of estate planning may look less like the traditional Last Will and Testament and more like what could be called "Trust Planning."
A Trust can give families greater flexibility and control over their wealth, just as Campbell’s new identity allows it to thrive beyond the soup aisle. So, if you’ve been relying solely on a Will as the foundation of your estate plan, it might be time to look at how other tools, like Trusts, could better serve your family’s needs.
At Stouffer Legal, we encourage you to explore the broad range of modern estate planning options that can keep your affairs private and protect your assets. We believe that today’s legal consumers deserve to understand all their options, just as Campbell’s has embraced new opportunities in its journey.
If you’d like to learn more, visit our website at www.StoufferLegal.com to view our presentation, “How to Protect Your ‘Stuff’ in 3 Easy Steps.” You’ll learn about the modern estate planning tools that we use to help families safeguard their wealth and maintain control. Afterward, you can schedule a free consultation with one of our experienced estate planning attorneys, who will guide you through the options and help you determine the best path forward.
Just as Campbell’s has embraced change to secure its future, you too can take steps today to protect your family’s tomorrow. Modern estate planning is about more than just following tradition—it’s about evolving to meet the needs of your family and ensuring that your legacy is preserved in the best way possible.
