estate planning documents checklist christians

Estate planning documents checklist christians how to#

A living trust is not a public document like a will.

When handled through the living trust, it isn’t. Any property given through a will is subject to probate.

A living trust helps you skip probate costs (but still comes with attorney fees).

What’s the difference between a living trust and a will? Here are some key differences:

Estate planning documents checklist christians how to#

It also spells out how to distribute your stuff after you pass away. Transferring your assets to this type of trust means you grant ownership to the trust while you’re still alive. The main purpose of a living trust is to give you more privacy around planning your estate than you can get from a will. The main unique power of a will is the option to name a guardian for your children, while the main unique power of a trust is to skip probate. The most important thing to keep in mind is this: Everyone needs a will, but not everyone needs a trust. If there’s a legitimate conflict, the trust overrides the will. They’re separate legal tools and (unlike siblings) they don’t usually have conflicts between them. (Your will fills in the guardianship gap of a trust.) If you do get both, don’t worry about them bumping into each other. If you have an estate that’s large or complex, plus dependents-you need a will and a living trust. This lets you avoid probate in a way that wills won’t allow.

You need a trust (and only a trust) if you’re older, your kids are grown, and your estate is worth at least $1 million. You don’t need to meet with a lawyer unless there’s something complicated about your situation. If you’re like most people, with a few kids and a house, you only need a will (which you can create online with attorney-built documents).