A will is a legal document that specifies how your assets will be distributed after your death. It can also name guardians for minor children. However, it must go through probate, which can be time-consuming and costly. On the other hand, a trust is a legal arrangement that holds and manages your assets during your lifetime and distributes them after your death. Trusts often avoid probate, provide greater privacy, and can offer additional benefits, such as protecting assets from creditors or controlling distributions over time.

your estate plan every three to five years or whenever you experience a significant life change is recommended. Events such as marriage, divorce, the birth of a child, the death of a beneficiary, or acquiring substantial assets may require adjustments to ensure your plan remains aligned with your current goals.

If you die without an estate plan, your assets will be distributed according to your state’s intestacy laws. This often means your property may not be distributed as you would have wanted, and the process can be more expensive and stressful for your family. Additionally, without a healthcare directive or power of attorney, crucial decisions about your medical care or finances could be made without your input.

Yes, a well-designed estate plan can minimize tax burdens on your estate. Tools like trusts, charitable donations, and gifting strategies can reduce or eliminate estate and inheritance taxes, preserving more wealth for your beneficiaries.

Your estate plan should involve individuals you trust to carry out your wishes, such as:

• An executor to manage your will.
• A trustee to oversee any trusts.
• A healthcare proxy to make medical decisions on your behalf.
• A financial power of attorney to handle your finances if you’re incapacitated.
  It’s also essential to involve an experienced estate planning attorney to ensure your documents are legally sound and aligned with your goals.

Estate planning is the process of organizing your assets, legal documents, and directives to ensure your wishes are followed, and your loved ones are taken care of after you pass away or become incapacitated. It helps avoid disputes, ensures smooth asset transfer, and minimizes taxes or legal complications.

It’s never too early to start estate planning. Adults of any age, especially those with assets, children, or specific healthcare wishes, should have at least a basic estate plan. Major life events like marriage, having children, or buying property often trigger the need for one.

Without an estate plan, your assets will be distributed according to state laws, which may not align with your wishes. This intestate succession process can lead to delays, higher costs, and family disputes.

You should review and update your estate plan every 3-5 years or after major life changes, such as marriage, divorce, having children, significant changes in assets, or changes in state or federal laws.

An executor is the person you designate to fulfill your wishes after death. They handle tasks like distributing assets, paying debts, and navigating probate. It’s crucial to choose someone trustworthy and capable.

Estate planning ensures your loved ones are provided for, minimizes disputes, and offers financial security. It also allows you to specify guardians for minor children and create provisions for dependents with special needs.

Do you have more questions about estate planning? Contact Holliman & Holliman today to schedule a consultation. We provide clarity and guidance as you protect your family’s future.