Help your loved ones avoid delays, legal problems and uncertainty. There is no price for piece of mind. An estate plan can eliminate worries and concerns about how things are to be handled when you are gone. Create Your WILL.

Estate Planning Basics

Failure to plan for the inevitable is the biggest mistake many people make in regards to their estate. Moreover, a poorly written estate plan can cause delays and legal problems for your loved ones in your absence. There is no need to place additional turmoil upon your family when you are gone. Knowing the basics about estate planning can go a long way. Taking the time to familiarize yourself with the terms below can elevate a lot of the stress and financial strain many individuals' face due to not properly planning their estate. It is recommended you become familiar with the terms below before seeing an attorney.

• Estate
  The estate includes all of the deceased's assets. The estate also includes all property subject to the jurisdiction of a probate court.

• Wills
  A will is a legal document that specifies how your estate is to be disbursed, as well as who will manage your estate.

• Beneficiary
  A beneficiary is an individual entitled to receive an estate, trust, retirement plan or life insurance policy after the person who established it is deceased.

• Conservator
  A conservator is an adult or a financial institution named by a court to handle a minor's property until the child becomes an adult.

• Executor
  The executor is the individual or financial institution appointed to handle the estate of an individual who died and left a will.

• Intestate
  A person who dies without a will is. State law will govern the disposition of the estate of those who die without a will.

• Testate
  Those who die with a will.

• Fiduciary
  Fiduciary refers to a person or entity such as a bank that represents the interests of an individual. A trustee, guardian, conservator or agent are considered fiduciaries.

• Irrevocable Trust
  A trust that can't be amended or revoked is irrevocable.

• Probate
  The legal process to determine if the deceased person left a valid will that is recognized by the law. Probate files are public record and open to everyone.

• Escheat
  If a person dies with no known beneficiaries and left a valid will, or the deceased has no known heirs and no will, the deceased's property will escheat, or be assigned, to the state.

Estate planning is essential to everyone. It is not just for the wealthy or the old. Estate planning can provide financial and emotional stability to the surviving spouse and children, even if the kids are now adults. A good estate plan will protect your assets for future generations and ensure that your wishes are carried out.

Living Trusts

What is a Living Trust?

A Living Trust is simply a revocable trust. Meaning, you convey property to a trustee for your benefit during your lifetime. However, you reserve the ability to cancel, or revoke, the trust at any time and get your property back.

Living Trusts, for tax purposes are treated as being null or nonexistent; meaning, all the income earned by the trust is attributed to you and you have to pay taxes on it.

A Living Trust will not necessarily reduce your estate taxes, as it is considered part of the estate. Living Trusts can be structured to offer some tax savings similar to that of a will.

Wills vs. Living Trusts

Many individuals believe simply because you have living will you do not need a will. This is simply not the case. A Living Trust only covers property you have transferred into the Living Trust. All other property must be covered in the form of a will. In this scenario, a will that transfers everything that you have when you die which is outside the trust, into the trust is recommended.