Wills and Revocable Trusts

Estate planning is more than creating a series of documents involving wills, trusts and powers of attorney.  Wills and trusts are the result a process where we analyze your current financial and family situation, review your goals, predict your financial future, and then create custom and flexible documents to fit your family’s current and future needs.  You can also decide on charitable and legacy gifts, family business transitions and even funeral arrangements.

We may use a revocable trust (or living trust) is an alternative to a will. It is another method to get your assets to your heirs, provide for the payment of taxes, provide for minor children and assure an orderly transition after death. A revocable trust is used particularly if there are family business interests, step-relations or conflict within the family dynamics.  With some families though, a relatively simple will can do the job.  Many times, the most important planning requires updating your beneficiary designations on your 401(k) or IRA accounts.

For more information about wills and revocable trusts and how they compare, refer to chapter 5 of A Layperson’s Guide to Estate Planning.