Wills, Trusts and Estates
Who should start planning?
If you have kids, are married, or have assets, it's recommended you have a will. This will ensure everything will be managed in the most appropriate way in the event of a passing.
These can be simple documents on what should happen with your belongings in the event of a passing. There are both Living Wills and the Final Will and Testament. You should update your will as often as the contents of it hold un-true or non-applicable to your current assets.
A Trust is a separate legal entity that can with-hold and distribute assets according to certain conditions. Trusts exist independently of the Grantor and are enacted while still in life. It allows for safe keeping of your assets and can help reduce paper work or complications of admitistering an estate.
An Estate has the most relevance in two cases; either in bankruptcy or after death. Estate planning refers to how your assets will be distributed to the beneficiaries after death. Estates do not get administered during life.