Question 1

What is a Trust?

Accepted Answer

Think of a Trust as a “Will substitute.” What we mean is that just as  a Last Will distributes your assets upon death, a Revocable Living  Trust does the same. The upside of a Trust over a Will is that a Trust  need not be filed with the probate court to be effective, whereas a Last  Will must be filed with the probate court to have any effect. As a  result, a Trust remains a private document pertaining to your private  affairs, whereas a Last Will becomes a public document after you pass  away no matter how private you were during your lifetime. Of course,  there are additional types of trusts as well that serve different  purposes, and each family’s unique situation must be taken into account  to design the right overall estate plan, which may include one or more Trusts.

Question 2

What is a Last Will?

Accepted Answer

Your Last Will is a legal document through which you distribute some of your assets upon death. Other assets will be distributed not based on  your Last Will but on your beneficiary designations, depending on the  situation. Over two-thirds of the U.S. adult population does not have a  last will, and for those who do, most Last Wills do not fully cover  their situation. Upon death, the only want to make a Last Will valid is  to file it in the probate court, a public and normally lengthy process  that delays your family access to what you have left behind.

Question 3

Do I Need an Attorney?

Accepted Answer

In the world of estate planning, the best outcome for you, your  family, and your loved ones will be achieved only by working with a  lawyer who encounters estate planning situations daily. You have worked  your whole life for what you have and the relationships you have  created. Unfortunately, some families collapse after the death of a  loved one because they either did no planning at all, or if they did, it  was through an online platform that knew nothing about their family or  circumstances and that ultimately failed them when their family needed  help the most. We encourage a lifelong relationship between you and your  estate planning attorney so that you have a lawyer for life to be there  for your family when you cannot be.

Question 4

What if I Move?

Accepted Answer

Your estate plan works no matter where in the U.S. you might  physically be (such as on vacation) or might move to. This said, we  always recommend finding your neighborhood Estate Planning Attorney to  review your out-of-state plan to help you ensure you make any necessary  updates based on differences in state law.

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