Estate planning questions, answered simply.

common questions

A few things you may be wondering.

You don’t need to have estate planning figured out before you begin. Here are answers to a few questions that often come up early in the process.

Do I need an estate plan if I don’t have a lot of assets?

You don’t need to have significant wealth for estate planning to matter. A plan can address much more than who receives your property. It can also help you decide who you would trust to handle important financial or health care matters if you couldn’t handle them yourself, who should take responsibility for settling your estate, and how you want the people you care about considered in your plan.

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What’s the difference between a will and a trust?

A will and a trust can both be part of an estate plan, but they work differently. A will generally provides instructions for matters that are addressed through your estate after death. A trust can hold and manage assets according to the terms you establish and, depending on the type of trust, may operate during your lifetime as well as after your death. A trust also doesn’t necessarily eliminate the need for a will. Which tools belong in your plan depends on your circumstances, your assets, and what you want your plan to accomplish.

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What happens if I die without a will?

If you die without a valid will, the law of the applicable state provides rules for who receives property that passes through your probate estate. Those rules may produce a different result from what you would have chosen for yourself. Creating a will gives you the opportunity to make your own decisions about the disposition of probate property and who you would like to handle the administration of your estate, subject to applicable law.

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What does incapacity planning actually mean?

Estate planning isn’t limited to planning for what happens after your death. It can also include preparing for a time when an illness, injury, or other circumstance leaves you unable to handle certain decisions yourself. Incapacity planning can give you an opportunity to choose people you trust to act for you and put documents in place that address financial and health care decision-making.