Few people think about estate planning. Of course, if people don’t do much in terms of savings, investment, and insurance, estate planning will not be on their priority list.

Most think estate planning is for rich people who live in mansions high up on a hill. But in fact, everyone has as estate. Your estate is everything you own minus your debt, such as your house, car, money in the bank, family heirlooms, etc.

Imagine you worked hard your life and built up an estate. You want to pass it on someone, but it ends up with someone else due to your lack of planning.

Thus, a Will or Trust is a tool for you to organize how you want your estate distributed when you pass away.

A Will is a legal document that allows you to distribute your property to those of your choosing. It allows you to assign specific items from your estate to one person and other items to other people or an organization. You can also name an Executor, the person who will carry out your wishes.

Wills also give you the opportunity to pick a guardian for your young children. The guardian will be responsible for their welfare.

If you don’t have a Will, the government will use their standard will to decide how to distribute your estate, and you may not like what they do.

A Will only takes effect after you die. However, a Living Trust can benefit you while you are still alive. Living Trusts are generally revocable, which means you can always make changes to them.

With a Living Trust, all your assets like your home, bank account, stocks, and bonds are put into a Trust, administered for your benefit during your lifetime, and then transferred to your beneficiary when you die.

Most people name themselves as the trustee in charge of managing these assets. Thus, you have control over it. You can also name a successor trustee in case you are unable to manage the trust.

So having a trust is like you creating a corporation where you put all your assets in it, and you run it or have someone run it for you.

Living Trust may cost more to prepare, fund, or manage than a Will. Having one helps to avoid probate costs for all the assets in the trust.

Thus, you should have a Will or a Living Trust to take care of your family, or else the government will do it.

Proper planning with professional help can be very important for you to leave a legacy and preserve your estate for the causes you worked all your life for.

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