Demystifying the Estate Plan - It’s Simpler Than it Sounds!

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 Peace of Mind Planning Session. We can meet in person or via Zoom. You’ll share your concerns, and we’ll present your options, our packages, and our unique flat fees. Then, if we decide we are a good fit to work together, we’ll take the next steps.  You can book your Peace of Mind Planning Session HERE. Mention this blog and we’ll waive the $450 session fee!

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