Estate planning is the process of creating a plan for your estate, which includes making decisions about how you want your property and money to be distributed after you die. There are several different types of estate planning, and each has its own benefits and drawbacks.
Some people prefer to create a will, while others choose to have a trust drafted. Each has its own advantages and disadvantages, so it’s important to choose the type of estate planning that best suits your needs.
A will is the most common type of estate planning, and it’s usually the simplest option. A will simply specifies who inherits your property and money, and it doesn’t usually include any provisions for probate.
However, wills can be difficult to create and update, and they can be revoked or contested by your heirs.
A trust is another type of estate planning, and it’s often preferable for people who don’t want their property or money to go to their heirs automatically. A trust allows you to specify who gets what from your property or money, without having to go through probate.
However, trusts can be more complicated to create than wills, and they can have more restrictions on who can access the assets in them.
Estate planning is an important step in ensuring that your property and money are distributed as you want them to be. It can be helpful in avoiding probate costs, protecting assets from creditors, and ensuring that your wishes are carried out after you die.
Whether you choose to create a will or trust is up to you; just make sure that you understand the benefits and drawbacks of each option before making a decision.