Will-Based Estate Plan

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Estate Planning FAQs

To help you make an informed decision about which Estate Planning service is right for you and your lifestyle, we’ve answered a few common questions about Estate Planning below.

What Are the Benefits of Estate Planning?
Estate Planning enables you to determine how you want your case handled. It also minimizes the taxes your beneficiaries will likely face.

If you fail to plan, the state where you live will distribute your property according to the law without regard to your wishes. The Estate will be subjected to court costs and lawyer’s fees as it is probated in the courts.

What Are the Steps of Estate Planning?
First, take an inventory of your property and assets, including houses, real estate, and cars, as well as stocks, bonds, insurance policies, retirement accounts, jewelry, and collectibles, etc.

Next, select your beneficiaries and how your assets are divided. You can also determine who will handle your financial and medical affairs if incapacitated.

Then, discuss the issues with your heirs, ensuring they understand your intentions. Finally, select your desired service from GoWillTrust to make your wishes official and legally binding.

What Is the Difference Between a Will and a Trust?
Where a Will is a legal document specifying who should care for your children and receive your assets and handle any final debts or taxes upon your death, a Trust does much more.

A Trust is a legally binding arrangement that can be organized in multiple ways that allow a trustee to hold the assets and pass them to beneficiaries at a specified time. With a Trust, the beneficiaries can avoid the probate process and more quickly receive their inheritances.

Some Trusts allow you to access your assets throughout your life and control the timing and recipients of asset distribution upon your death. In general, it is much more versatile than a Will.

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