When you are thinking about estate planning, almost every single adult person should have a Will, a Living Will, and possibly a Living Trust.

A Will is a document that declares what your intentions are with respect to your estate after you pass away. A Will can decide how your assets are distributed after your death. If you die without a Will, then this is called dying “intestate” and the laws of your State will determine who gets what and at what age. A Will can also designate a Guardian of a minor child and who controls the money for that minor child until adulthood.

A Living Will deals more with healthcare and right-to-die issues if the individual is no longer capable of making these decisions for themselves and the person they have designated cannot or will not make end-of-life decisions. A Living Will is a statement and a declaration to the world of what your intentions are with respect to the termination of life support and/or the provision of life support.

A Living Trust is a document that you create during your life which allows you to control distribution of your estate. With a Living Trust, it can be funded during your lifetime or after you pass away if a Pourover Will exists to fund any other assets that may not have been funded during your lifetime. A Living Trust can assist in avoiding or minimizing estate taxes. A Living Trust can also prolong distribution beyond the age of 18 or 21 for a beneficiary. The Living Trust holds title to the assets and not the individual. A properly funded Trust can also help to avoid probate.

For more information about Estate Planning or Contact us.