How Do You Understand Wills & Trusts?
For the sake of your heirs, you should learn about wills and trusts before you begin your estate planning. If you only have a will, your estate will go through probate, which can cost your children a great deal of time, effort and money. If you add a trust–usually a revocable living trust–you’ll eliminate the need for probate and make life easier for everyone involved. Here’s how to gain an understanding of wills and trusts. Get familiar with the essentials of estate planning. Attend a seminar or class, or pick up some reader-friendly books, such as “The Complete Idiot’s Guide to Wills and Estates.” Before you buy any book on the subject, glance through it to make sure it’s in plain English rather than legalese. Tackle wills first because they’re more basic and easier to understand, and then move on to trusts. Learn about the important sections of a will, including the parts that involve other people’s roles. A will begins by revoking previous wills. The next part appoints executors-
