Wills and Trusts

A Last Will and Testament is the fundamental estate planning document. A Will provides a basic set of instructions to your named executor as to how your assets should be distributed after your death. You make final provisions for your heirs and beneficiaries.

A Living Trust is similar to a Last Will and Testament, yet allows for the transfer of assets without the need for Probate or Estate Administration. Typically a living or inter vivos trust is created to avoid probate or at least to allow some property to pass outside of an estate. Many people use life insurance policies, or a combination of life insurance and trust instruments to do the same thing.

Avoiding probate can save thousands of dollars in an estate and can more easily distribute property and provides greater flexibility for the trustee or owner.

I have a friend who is a financial planner who has commented that many people postpone meeting with him because they think they need to have more money before they can invest. Postponing setting up a trust can be just as misguided. For a few hundred dollars, I could save your estate, and thus your heirs and beneficiaries, thousands.