A trust can also take effect before you pass away, which means you can serve as your own trustee while you’re alive and then appoint someone else to take over after your death. A trust, meanwhile, can avoid probate and is privately handled. A trust accomplishes the same thing, along with appointing a trustee to carry out your wishes.īut there is a major difference between the two: A will has to go through probate, which means it must go through court proceedings in order to be executed, and it becomes public record. It should also include who you appoint as guardian of your minor children, other dependents or pets as well as any specific instructions for their care. A last will and testament is a document that spells out how you want to divvy up your property and assets when you die. A will or trustĪ will or trust is an essential part of an estate plan. What's included in an estate plan?īut what exactly is in an estate plan, anyway? Here's an estate planning checklist with five key things to include.Įstate plans are about more than how much money you have - they help ensure that your wishes are carried out. That’s because estate plans are about more than how much money you have - they help ensure that your wishes for yourself, your family and your assets are carried out in the event of your illness or death. What you’re probably not thinking is that this is something you’d ever have to deal with yourself.īut the reality is anyone over the age of 18 could benefit from a little estate planning 101. When you hear the words “estate planning,” you probably imagine immense wealth and old money - as in tycoons and socialites who spend their days sipping mint juleps on the polo grounds.
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