A will and a trust are both ways to make sure your wishes are carried out, but they work a little differently.

• A will is a document that explains who should get your belongings and assets after you pass away. It only goes into effect once you’re gone, and usually has to go through probate — a court process that makes it official.
• A trust can start working while you’re still alive. You put assets into the trust, and it outlines how and when those assets should be managed or given to others. Trusts often help avoid probate, keep things more private, and can give you more control over timing.

Think of it this way: a will is a set of instructions for after you’re gone, while a trust can help manage things both now and later. Many people use both together for peace of mind.

Yes. Estate planning isn’t just for the wealthy. It ensures your wishes are honored, your loved ones are provided for, and that you avoid unnecessary legal complications. Even if you have modest assets, an estate plan helps manage things like guardianship for minor children, healthcare decisions, and the smooth transfer of property.

At a minimum, your comprehensive estate plan should include:

• Will: Outlines how your assets will be distributed and who will be responsible for carrying out your wishes
• Power of Attorney (POA): Authorizes someone to manage your financial affairs if you become incapacitated
• Healthcare Directive/Living Will: Specifies your healthcare preferences if you’re unable to communicate
• Revocable Living Trust (optional but useful): Helps avoid probate and allows for more control over when and how assets are distributed

If you die without an estate plan, state laws decide how your assets are distributed—typically to your closest relatives, regardless of your personal relationships or wishes. This process can be time-consuming, expensive, and emotionally draining for your loved ones. You also lose control over who becomes the guardian of your minor children.

You should review and update your estate plan every 3 to 5 years or sooner if you experience any significant life changes.

Yes, you can often avoid probate, and many people choose to do so to save time, reduce costs, and maintain privacy. A common strategy is to create a revocable living trust and transfer assets into it. Other probate-avoidance tools include joint ownership, beneficiary designations, and transfer-on-death (TOD) accounts. However, the decision to avoid probate depends on your specific goals and the laws in your state.

You should review and update your estate plan every 3 to 5 years or sooner if you experience any significant life changes

The difference between a trustee and a beneficiary lies in their roles and responsibilities in managing and receiving the assets of a trust. A trustee manages the trust. A beneficiary receives the benefits from the trust.

Reducing estate taxes for your heirs typically involves careful planning using legal tools and strategies. Here are the most effective ways to do it:

1. Use the federal estate tax exemption
2. Make lifetime gifts
3. Create trusts
4. Use the marital deduction
5. Fund 529 education plans
6. Charitable giving
7. Freeze asset values

Avoiding common estate planning mistakes is just as important as having a plan in the first place. Here are the most common estate planning mistakes:

1. Not having an estate plan at all
2. Failing to update the plan
3. Forgetting to update beneficiary designations
4. Not planning for incapacity
5. Improper trust setup or funding
6. Assuming a will avoids probate
7. Overlooking digital assets
8. Underestimating estate taxes
9. Not communicating with family
10. DIY planning without legal help

Yes.  With the right planning, you can protect some assets from long-term care costs and Medicaid’s spend-down rules, but the key is timing and using the right legal tools.

Yes — and not just because “life happens” (though that’s part of it). Even if you’re young and healthy, an estate plan protects you and your loved ones in three important ways:

1. Decision-making if you’re incapacitated
2. Control over who gets what
3. Appointing guardians for children or pets

Equity compensation (e.g., stock options, RSUs, ESPP shares, or founder’s equity) can have a big impact on your estate plan because it’s both a source of wealth and a complex asset that can trigger unique tax and transfer issues.

If you own a business, your estate plan needs to cover two worlds at once: your personal wealth and the business you’ve built. Without planning, your company could face chaos, tax problems, or even closure if something happens to you.