Why You Need an Estate Plan and Living Trust

🏦Estate planning is often avoided due to it being a difficult and intimidating subject to talk about.

🔐Having an estate plan is not just for people with a lot of assets; it is essential for everyone.

📝A will alone does not avoid probate; a living trust is necessary to bypass the lengthy and costly probate process.

🏠In most states, real estate can only be passed without probate through a trust or a beneficiary deed.

💼Estate planning includes essential documents such as a living will and powers of attorney to plan for incapacity and make healthcare decisions.

Why is estate planning often avoided?

—Estate planning is often avoided because it deals with difficult subjects like end-of-life matters and can feel intimidating and complicated.

Do I need an estate plan if I don't have many assets?

—Yes, estate planning is necessary for everyone, regardless of the amount of assets they have. It ensures that your wishes are followed and helps avoid family disputes.

What is the difference between a will and a living trust?

—A will only lets the judge know your wishes, but it still goes through probate. A living trust, on the other hand, allows assets to pass outside of probate and ensures privacy and efficient distribution.

How can I avoid probate for real estate?

—In most states, the only way to avoid probate for real estate is by holding it in a trust or by using a beneficiary deed. A trust has additional advantages in managing all of your assets.

What other documents should be included in an estate plan?

—Other essential documents include a living will to make healthcare decisions, durable power of attorney for financial matters, and healthcare power of attorney to designate someone to make medical decisions on your behalf.

00:00This video explains the importance of estate planning and living trusts.

00:15Estate planning is often avoided due to it being a difficult and intimidating subject.

01:20An estate plan is necessary for everyone, regardless of asset amount.

02:23A will alone does not avoid probate; a living trust is required.

03:43Real estate can be passed without probate through a trust or beneficiary deed.

05:32Estate planning includes a living will and powers of attorney for incapacity and healthcare decisions.

09:26An affordable and complete will and trust package is available.

11:59Estate planning is an act of love for your family and provides peace of mind.