A comprehensive estate plan is not made up of a singular document. A lot of times when people hear “estate plan” they assume it is a Will or a Trust. But, an estate plan is actually a group of legal documents designed to address two scenarios: Incapacity and Death.
A comprehensive plan will include a living trust, which is the backbone of the estate plan. The living trust allows assets to be handled outside of a court room. If the person has become incapacitated, the living trust will allow his loved ones to access his trust assets and maintain his finances without seeking a court conservatorship. Further, if the person has passed, the trust allows loved ones to carry on his wishes without involving the probate court and its extraordinary fees.
Also included in the estate plan is a Pour Over Will. A lot of times people believe that if they create a trust, they don’t need a will anymore. On the contrary, a comprehensive estate plan will include a Will as a backup plan to ensure that in the likelihood that you forget to put something into your trust and it is still in your name when you pass, your loved ones will be able to utilize your Will to make your wishes happens.
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