What Do You Want To Get Out Your Estate Plan?
Choosing who and what should be done with your assets is different for everyone. You can't take it with you so what do you want to do with your stuff?
A complete estate plan accounts for the answers to these questions. By creating an estate plan, you get to make sure that you make these decisions, not the government.
Another important question is how is the way best to distribute your assets.
What's Better? A Will or a Trust?
Before we answer this question, it's important to note that every estate plan should have at least a Last Will and Testament. It's the foundational document in your estate plan and can deal with certain issues--like child guardianship.
When looking at distributing assets, you'll want a Last Will and Testament and a Trust. A Trusts allow your heirs to skip probate, which is a time-consuming legal process that involves courts examining your estate and sometimes keeping assets from your heirs' for months.
Difference between Will and Trust
There are different rules about how to sign these documents as well.
With a Will, you'll need to sign it in front of witnesses (usually two, though this varies by state). Creating a Trust, on the other hand, means you'll need a notary's stamp as well.