Creating an estate plan can feel like a big task, but with the right approach, it’s totally manageable. 

The first step in estate planning is to write a Will or create a Trust! 

What is a Will?

A will, also known as a last will and testament, is a legal document that outlines your wishes regarding the distribution of your assets and the care of any minor children after your death. Here’s what a will can do:

• Designate Beneficiaries: Specify who will receive your assets, such as property, money, and personal items.
• Appoint Guardians: Name a guardian for your minor children.
• Choose an Executor: Appoint someone to manage your estate, pay debts, and distribute your assets according to your wishes.

What is a Trust?

A trust is a fiduciary arrangement where a trustee holds and manages assets on behalf of a beneficiary or beneficiaries. Trusts can be set up during your lifetime (living trusts) or created upon your death (testamentary trusts). Here’s what a trust can do:

• Avoid Probate: Assets placed in a trust bypass the probate process, allowing for quicker distribution to beneficiaries.
• Manage Assets: Provide for the management of your assets if you become incapacitated.
• Privacy: Unlike wills, which become public record, trusts remain private.
• Flexibility: Specify conditions under which distributions are made to beneficiaries, such as reaching a certain age or achieving specific milestones.

We Can Help!

Ready to start your own Will or Trust? We make the first step easy! Start by booking a Legacy Planning Consultation. This is a virtual one hour meeting via Zoom. We’ll review your questionnaire, answer your questions, and present our flat fee packages. Then, if we decide we are a good fit to work together, we’ll take the next steps.  You can book your Legacy Planning Session here. Mention this blog and we’ll waive the $350 session fee! PS – Like what you read? Send this blog to a friend!