Estate Planning - Trust & Will

It's your roadmap for the future:  

Estate Planning is like a map that outlines what happens to your belongings (assets) and how your affairs are handled after you die, or if you become incapacitated. 

It ensures your wishes are followed:  This plan with a trust & will lets you decide who gets your stuff (beneficiaries), how they get it (distribution instructions), and who makes choices on your behalf if you can't (power of attorney, guardian for minor children) 

• It minimizes confusion, delays, and legal fees during a difficult time for your loved ones.
• It can also help reduce estate taxes and avoid probate court (depending on the plan).

Estate Plans that include Trusts:

Imagine a trust as a safe deposit box. You place your valuables inside (assets), and appoint someone you trust (trustee) to manage them. They can only access the box (assets) according to your instructions (trust terms). This way, even if someone tries to get to your valuables (creditors, lawsuits), they can't unless they have the key (specific legal circumstances). 

A trust is a legal agreement where you (grantor) transfer ownership of assets to a trustee. The trustee manages those assets for the benefit of designated beneficiaries (your children, for example). There are two main types of trusts for asset protection:

• Revocable Trust:  You retain control over the assets during your lifetime, you can take them back if needed. This doesn't offer strong creditor protection.
• Irrevocable Trust: Once assets are placed in the trust, you generally cannot get them back. This offers the strongest protection from creditors and lawsuits because the assets are no longer considered part of your estate.
• Avoids probate: Assets held in a trust typically avoid probate court, saving time, stress and money for family after their loved one has passed. 

Documents contained in a Trust package from Trust&Will:

Revocable Living Trust

Schedule of Assets

Last Will & Testament (Pour Over Will)

HIPAA Authorization 

Living Will

Power of Attorney

Certification of Trust

 Choosing between a will and a trust depends on your specific needs and goals. 

This is NOT legal advice. Please consult a licensed Attorney for legal advice. 

Possession and Asset Distribution:  

A will is a legal document that outlines how you want your possessions and assets to be distributed after you die. 

It ensures your wishes are followed:   Think of a will as a set of instructions for your loved ones. It tells them exactly what you want to happen to your belongings (money, house, car, etc.) after you're gone.  Just like you might write instructions for assembling furniture, a will helps avoid confusion and arguments about your wishes. 

 A will is a legal document created by you (the testator) that specifies:

• Beneficiaries: Who will inherit your assets (money, property, belongings).
• Distribution: How you want your assets divided among your beneficiaries (specific percentages, items).
• Executor: The trusted person who will manage your estate and ensure your wishes are carried out.
• Guardianship (optional):  If you have minor children, you can designate guardians to care for them.

How a will typically works:

•  Takes effect after death: A will only comes into play after you pass away.  It has no impact on how your assets are managed while you're alive.
• Probate process:  Assets distributed through a will typically go through probate court. This can be a public process that takes time and incurs fees.
• Limited asset protection:  A will doesn't shield your assets from creditors or lawsuits.

Documents contained in a Will package with Trust&Will:

Last Will & Testament

HIPAA Authorization

Living Will

Power of Attorney

Choosing between a will and a trust depends on your specific needs and goals. 

Be sure to use our links here for a 10% discount ($49.90). Cost of Notarization not included. Check back with us when you are ready to have your documents notarized. 

This is NOT legal advice. Please consult a licensed Attorney for legal advice. Trust & Will