What Is Included in My Estate Plan?

A basic estate plan will address the issue of asset transfers, and it will also include an incapacity planning component. In this blog post, we will take a look at the rudiments, but a well constructed estate plan will be custom crafted to suit the individual needs of the planner. Last Wills Many people reduce estate planning to the creation of a last will. You can use a will to state your wishes regarding the way that you want your assets to be transferred after you pass away, and you could nominate a guardian to care for your children if you have dependents still in your home. A last will can be a suitable choice for some people, but there are limitations when you use a will, and a will must be admitted to probate. This is a legal process that can be time-consuming and expensive. Revocable Living Trusts A revocable living trust is another viable option as an estate planning tool. The person who creates the trust can act as the trustee and the beneficiary at first, so there is no los
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