Simply stated, a will is part of the documentation of a trust. A will and a trust each in some way help your family navigate the distribution of your assets. It is especially important to have a will in place, no matter your age or health. If you have assets, it is recommended that you have a trust as well.
In our blog post Estate Planning Basics, we describe wills and estates.
Having a will means your assets are distributed according to your wishes in the event of your death. This includes custody of minor children and pets and avoids an arduous court process.
A Revocable Living Trust is a comprehensive document that protects your assets in the event of injury, accident, or death. A trust like this includes the following documents:
• Will, as described above
• Living Will or Health Care Directive outlining your wishes for medical care. It’s more of a list of what you do not want done. For example, you may not want to be kept alive if you are proven medically to be in a certain state such as coma.
• Financial Power of Attorney ensuring your bills can be paid while you are unable to care for yourself.
Other documents to consider including in your trust:
• Life insurance and other insurance policies
• Real estate deeds
• Investment and Bank account information
• Funeral directive – your preferences for how to care for you after your passing and any pre-payment information.
Once you have created these documents, you can rest easy that you, your family, and your assets are taken care of in the event of your injury or death. For more information on estate planning and other family law matters, please schedule a consultation.